How Do I calculate capital gains taxes for the previous year?

Capital gains are those that arise out of the sales or transfer of capital assets. You can obtain capital gains by selling any type of property, which includes stock in trade, consumables, raw materials, personal effects, agricultural lands, gold bonds and special bearer bonds. There are certain properties that cannot be transferred for property gains. Tax rate is more in case of short-term capital gain than in long-term capital gain.

In the income tax return form Capital gains tax has to be mentioned in column 18. Capital gains are primary of two type’s long term and short-term. Short term assets are those on which the owner had an ownership for more than 36 months. Long term capital gains include that ownership of which extends this period. In short term gains two types of tax slabs are applicable one is the 10% and 30%. The form consists of four columns which contain the details related to all types of capital gains that have to be cleared in each quarter. You need to inform the government if you have given advance tax on capital gains or not. Those who have earned capital gains in the last quarter, you can mention it.