Capital gains

If you have held property for less than 3 years, there will be short term capital gain @ 15.45%

If you have held property for more than 3 years, there will be long term capital gain @ 20.36%

Agreed with Mihir............

Dear Murali,

on sale of Non agricultural land there arises income which is chargeble under the head Capital Gains.

If land is held for 3 years or less then there arises Short Term Capital Gain which is chargable to Tax at normal rate of income tax according to the Slab

If held for more than 3 years the Long term capital gain chargeble to Tax @ 20%+3% cess.

Regards

Deepika Jain

Agriculture Land other than rural treated as a capital asset and on transfer of such land any gain arising is chargeable to Capital Gain Tax...

If such land held for more than 36 months or 3 yrs then on transfer it will be a long term gain and taxed @ 20 percent plus Cess..

If such land held for less than 36 months or 3 yrs then on transfer it will be a short term gain and taxed @ 15 percent plus Cess..