CAPITAL GAIN

If you've made a capital gain from selling a house property, it's important to understand the tax implications. While your gain might be below the standard income tax slab rate, capital gains are taxed differently. Short-term capital gains may be eligible for a rebate, potentially making profits up to £5 lakh tax-free. However, long-term capital gains are taxable at a flat rate, even after considering benefits like indexation and deductions, with an exemption typically applying only up to £2.5 lakh.