tax- capital gain vs income tax

rookie question, if i sell a property and get income from it, if i am charged capital gain tax i am not getting charged for income tax right

i think i just answered myself

Income tax is tax on various sources of income as salary, pension, dividend, interest, income from insurance policy etc.

Capital gain tax is tax on gains earned by selling various properties at higher price than purchased by lower price. Usually, cost basis is purchasing price but there are situations when Tax Authority may argue to additionally decrease the basis and increase tax liability (part of purchasing cost is not recognized as tax deductible).

This is an Inception level question and @Flashback is more of a Leo Dicaprio than me.

Good Luck!

I always appreciate your insights, my friend, this is where CFA gets really fun, you get hit on conceptual comprehension from all different perspectives

A sale of assets (real estate, stocks, etc.) would not be considered income for the average client. Now if your client is a real estate broker things could get murky, but I doubt the exam goes there. For the exam, income is not going to be associated with assets unless we are talking about dividends or rent payments.

There . . . that’s better.

Hahahaha love this. CFA jokes… they feel like an even more special type of Dad jokes…

Good catch…not much distinction in today’s market though. Also, typical term would be salesperson or agent…real estate dealer is not a term I’ve ever heard in use.