When you sell a property, you will normally make either a gain or loss. This is called capital gains or loss. If you make a capital gain, you are liable to be taxed on the profit. But did you know that the property concerned is not limited to only houses or lands? If you sell a vehicle or stocks and bonds and make a profit, you may also be liable for capital gains tax.
Also, did you know you are allowed to claim a deduction from your taxable income if you make a capital loss on the sale of your property? But there is a caveat to this. The property must be for investment purposes, not personal use.
These are just some of the facts about capital gains and loss you may not know of but should.