The amount of tax to pay differs on the bases of how long do you own the property. If you sell a property after possessing it for more than 2 years, long term capital gains (LTCG) tax of 20% after indexation will be charged upon you. For instance, if you acquire 50 lakh 20% out of your gain which is 10 lakh will be the amount of tax to be paid. However, under section 54 and 54F of the income tax act, the long term capital gains amount can be re-invested through an exemption. In case the capital gains exceed 2 crores, capital gains tax will be charged over the exceeding amount. Moreover, as per budget 2019, the profit obtained can be re-invested upon two properties. On the other hand, If you sell a property within 24 months, short term capital gain (STCG) tax will be charged on the gains following your income-tax slab.
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How much tax do I pay on sale of property in India?
Jayesh
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2021-01-08T14:45:45+00:00 2021-01-08T14:45:45+00:00Comment
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