pl guide what are rules of capital gains tax and in which situation it is have to be paid by any individual
Replies (5)
Quick Summary
This discussion clarifies the rules surrounding Capital Gains Tax in India. It explains the difference between short-term and long-term capital gains, with specific tax rates applicable based on the holding period of an asset, particularly property. The conversation also touches upon exemptions available, such as reinvesting in new property or specified bonds, and addresses queries about calculating tax on profits and the impact of loans on tax liability.
When you said told any property after 3 years from purchase then long term capital gains will be applicable at the rate 20% and if you sell the property within 3 years then short term capital gains will be applicable at the rate 15% then the tax should be paid while filing return
Then in that case if you purchase another property within two years of your sales then that amount of purchase would be exempt or you can invest in specified bonds within 6 months of transfer
Capital gain tax have to be paid on profit amout right na.....if I taken loan from my brother in law without intrest to purchase flat now and repay part or full after sale of old property ..than what will hv to paid as capital gains tax n how much .pl