Immovable property

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This discussion clarifies capital gains tax on immovable property. For long-term capital gains, the property must be held for two years or more. If sold within two years, it's considered a short-term gain. The user's sale in 2021 after purchasing in 2020 would likely result in a short-term capital gain.

sandhya

sandhya (Querist)
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19 July 2021 Sale of Immovable property in 2021-
Purchase Immovable property in 2020.
is there capital tax liable for 2021.

Capital gain tax period is 1 or 2 year.

Pl. confirm the period relaxation

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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20 July 2021 Please provide date of purchase and sale.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 September 2021 For long term capital gain, in case of immovable property, the holding period is 2 years or more. Otherwise, it will be short term. In your case it will be short term gain.

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