Wondering, whether does selling property count as income? In India, the sale of a house counts as income and is subject to capital gains tax. The gain is categorised as short-term or long-term depending on the holding period.
Does Selling a House Count as Income?
There are two types of capital gains taxes that apply to the sale of property: long-term capital gains (LTCG) and short-term capital gains (STCG). The basis for this classification is the length of time you have owned the property.
STCG: Short-term capital assets are those that are kept for less than 36 months before being transferred or sold. If the sale happens after March 31, 2017, this period is 24 months or less for immovable properties.
LTCG: Long-term capital assets are those that have been owned for more than 36 months. Likewise, in the case of immovable properties, this time frame is 24 months if the transaction occurs after March 31, 2017.
Let's say you sold a home or other asset you had owned for less than 24 months. At the time you e file your ITR, it will then be included in your gross total income for that fiscal year.
Typically, the profit on the sale of a house is regarded as capital gains. I hope this helps you understand whether does selling your house count as income.
Get Tax Assessment and Assistance Done on Your Property Selling Via NoBroker Legal ServiceRead More:
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Authors Of The Question
Does Selling Property Count as Income?
Jignesh
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6 months
2024-06-26T16:32:55+00:00 2024-06-26T16:32:56+00:00Comment
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