Doubt alert: Capital Gains tax vs Wealth Tax
tax clat_pg advanced doubtYaar samajh nahi aaya. In Taxation law, there are two concepts related to taxing wealth - Capital Gains tax and Wealth Tax. But please help, these two look super confused in my mind. As per my understanding, Capital Gains tax is levied on the gain made from the sale of assets, like shares or property, above the cost price. But then what is Wealth Tax? From what I know, it's a separate tax on the net wealth exceeding a certain threshold. Now, my problem is whether Wealth Tax is still applicable in India after Wealth Tax was abolished in 2015 and replaced with... wait for it... Capital Gains tax in Section 2(14A) of Wealth (Tax) Act? I'm completely tangled in this mess. Please help me untangle it. Has anyone else faced this confusion in Taxation Law?