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PrintTax Implication
Feb 06 2012
| 0 Comments | 1869 Views
You pay capital gains tax on sale which is determined by holding time of the property:
- Long term capital gain tax: Property held for more than 3 years are taxed at 20% on the profit made from sell after indexation (released by tax authority every year). The seller can enjoy tax exemption if (1) Capital gain is invested in new residential property and (2) Capital gain is invested in specific capital gain bonds (NHAI Capital Gains Bonds issued by National Highways Authority Of India and REC Capital Gain Bonds issued by Rural Electrification Corporation Of India).
- Short term capital gain tax: Capital gains on property held for less than 3 years are added to the income for normal taxation.
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