My one of Friend has buy the Property 3yrs back at the Cost of 1.10Cr from his NRE Account now he had sell that property at the cost of 2.50Cr, how ever it's short term Capital Gain what are the Tax on profit or if he reinvest in other property what is the time frame to avoid Tax.
Please Help me on this...
If property is held for less than 3 years, then it is short term capital gain or else it is long term.
You can reinvest the sale proceeds in another property or invest in capital gain bonds to save tax.
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