What is Capital Gain Income?
Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term or long-term and must be claimed on income taxes. For Crypto/VDA, gains are taxed at a flat 30% from FY 2022-23 onwards.
What is the difference between short-term & long-term capital gain?
Short term capital gain: Any asset owned for less than the specified holding period (12 months for listed shares, 24 months for immovable property). Gain earned on transfer of a short-term capital asset is termed short-term capital gain.
Long term capital gain: Any asset owned for more than the specified holding period is treated as a long-term capital asset. Gain earned on its transfer is termed long-term capital gain.
Note for Crypto/VDA: From April 1, 2022, VDA gains are taxed at flat 30% regardless of holding period — short-term or long-term distinction does not apply.
How can I send documents?
You can send soft copies of the required documents to support@eztax.in or upload the documents on the EZTax.in ITR App.
What is the Draft Computation Sheet?
It is your income tax computation sheet prepared by EZTax — a summary of your income tax computation details with all income sources, deductions, and tax liability. It also provides tax optimisation recommendations to help plan for the next year.
How to give confirmation to the draft sent by EZTax?
After receiving the draft from EZTax.in through email, you can reply to that email with your confirmation to proceed. If you have any queries or corrections, you can communicate them at this stage before filing.
What is ITR-V acknowledgement?
ITR-V stands for Income Tax Return Verification Form. You receive ITR-V when you file your Income Tax return online without a digital signature. It needs to be e-verified (via Aadhaar OTP, net banking, or bank ATM) within 120 days of filing.