my family is a co owner of a small plot in mumbai....i have agreed with a developer to redevelop a plot and have recieved a small consideration for the redeveplment...
1) what is the tax rate applicable to me?
2) how do i save tax?
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Capital gain to landlord on property given for redevelopment
Replies (1)
1) Tax rate depends on the period of holding of the plot. If held for more than 3 years, then LTCG @ 20% plus 3% Education Cess.
2) If in your case the gain realised is Long term in nature then you can save Income Tax by investing the consideration in Infra Bonds or House Property.
Note : Above investments would not be allowed for Income Tax saving purpose in case there is a Short Term Capital Gain.
Regards,
Devendra Kulkarni
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