Computation of Income Commonly known as CoI of ITR. Computation of Income is summarization Calculation of Income and Tax of Income Tax Return. Computation of Income generally used for the Analysis of ITR for various purpose including Bank Loan Appro...
Income from capital gains is computed by subtracting the cost of acquisition, cost of improvement, and expenses related to the transfer from the sale price of a capital asset.
For long-term capital gains (LTCG), the indexed cost of acquisition (adjusting for inflation) is used, while for short-term capital gains (STCG), the actual cost is subtracted. The resulting amount is the taxable capital gain used in Income Tax Computation.
Exemptions may apply under specific sections, such as Section 54 for reinvestment in residential property.
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