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Tax on sale of short term capital asset (land)
For example Mr.K aged 45 years purchased land on 01.03.2019 for 3,50,000 ( SDV and FVOC is same 350000) and He sold that land on 25.02.2021 for 4,20,000. STCG is 70,000. No other income during the PY 2020- 21. What is the tax liability.
Replies (4)
There is nil tax liability.
There will be tax liability if STCG is more than 2,50,000. am I correct
All assesses get benefit of threshold limit of 250000 or 3 lakhs whichever is applicable
No liability
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