Hi,
Any immovable property sold in India is subject to tax in the year of sale. Immovable property that has been owned for longer than 24 months is considered a long-term capital asset, and the sale price minus any expenses, less the indexed cost of purchase, and less the indexed cost of the improvement will result in a taxable capital gain. The tax rate on long-term capital gains (LTCG) is 20%. (plus applicable surcharge and health and education cess). To the extent that the gain is reinvested in certain Indian bonds, the LTCG may be claimed as income tax-exempt (within six months from the date of transfer).
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Authors Of The Question
I am selling my flat after 25 yrs in Mumbai thane how much I have to pay incometax
Anjum
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1 Answers
2 Year
2022-08-16T12:14:02+00:00 2022-08-19T17:42:03+00:00Comment
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