WHAT IS CAPITAL GAINS TAX (CGT)?
A tax levied on the profit made on sale of any non-inventory qualifying assets is called capital gains tax. Bonds, stocks, Property, real estate, and precious metals when sold are subjected to capital gains tax. If you make a Gain (i.e., a Profit), then you may be liable to pay taxes. The amount of tax chargeable will differ depending on type of asset sole, how long it was held, how the asset was utilised etc.
CGT is applicable to both individuals as well as businesses, however, the tax rates may well be different for both. Similarly, the tax allowance or tax bands may also differ for each.