Rate of tax applicable on selling of property

There is no tax on buying of property. The tax you have said is INCOME TAX and there is no income while buying property. If you had wrong words clarify it.
 

Hi. Kamal

Land will be treated as capital assets.

if it is held for more than 36 months it will be treated as Long Term Capital Assets than rate of tax will be 20% in case of LTCG .

If Land is held for less than 36 months it will be Short Term Capital Asset gain will be treated as STCG and rate will be applicable as applicable to assesse.

Your question is not clear whether it is agriculture land etc.

In such case there will be different treatment

Thanks,

Lovenish Bansal

Mr. Kamal

I agree with Mr. Lovenish. I m adding that for calculation of LTCG U hav to do indexation. Than U can claim exemption u/s 54EC if U invest in certain notify bonds and If U invest in Residential House Property as per provison of sec. 54F U can hav exemption  .  

Surana, Chennai

9952967237