ilmscore | Budget 2025: Income above ₹12 Lakhs? | Capital Gains | Taxation on Cryptos | CA Rachana Ranade

Budget 2025: Income above ₹12 Lakhs? | Capital Gains | Taxation on Cryptos | CA Rachana Ranade

Published: 2025-02-05
Status: Available | Analyzed

Predictions from this Video

Total: 5
Correct: 0
Incorrect: 0
Pending: 5
Unrated: 0
Prediction
Topic
Status
Taxpayers will receive marginal relief if their tax liability exceeds the additional income earned above a certain threshold, preventing them from paying more in tax than they earned additionally.
"the Act says that if your tax amount exceeds the additional income that you are earning we will not ask you to pay a higher tax we will provide you marginal️ relief"
Marginal Relief for Income Tax
Pending
Short-term capital gains on listed equity shares falling within the 0 to 4 lakh bracket will be taxed at 0%.
"if his short-term capital gain fits into the 0 to 4 lakh category his tax amount will actually be equal to 0 Rupees simple till here"
Taxation of Short-Term Capital Gains on Equities
Pending
Losses from virtual digital assets (cryptos) cannot be set off against other gains and tax will be levied at a flat rate of 30% on the gain amount.
"this section very clearly mentions that if it is about taxation on Virtual digital assets losses cannot be set off against gains and that is why whatever is the gain amount you'll have to pay profit uh you'll have to pay tax on that that to the rate of flat 30%"
Taxation of Virtual Digital Assets (Cryptos)
Pending
Individuals can now declare up to two house properties as self-occupied, making them tax-exempt on income from these properties.
"Nirmala Madam in this budget said that you can declare up to two House properties you can declare up to two House properties as self-occupied so assume I have two houses which I don't have I have only one house but assume I have two houses in Pune both I can claim as self occupied and for that I need not pay any tax"
Income from House Properties
Pending
The new rule allowing two house properties to be declared as self-occupied is effective from the financial year 2024-25 (assessment year 2025-26).
"this has become applicable from The Current financial year that is 24-25 or we call that as assessment year 25-26"
Income from House Properties
Pending