if you have held the asset for more than 3 years, it is treated as long term. in present case you have held asset for only 2 months .
short-term gains are included in the investor's income and are taxed as per the slab rate.
Short-term investment
I am going to sell my house. Please kindly tell all types of taxes that I have to pay to the government? Also mention their rates. I expect to get 1 crore then how much should I expect to remain with me?
Asked 10 years ago in Property Law
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2 Answers
It was purchased in 1982 by my mother in law . In 2007 my mother in law gifted it to her daughter(my wife). My wife gifted it to me in feb 2014. Now with the sales proceed I am going to purchase another housing property immediately.
Asked 10 years ago
so sir please mention how taxes I have to pay .? what is the short term rate? is there any way to get tax deduction/exemption as they are so high. I heard that gifted short term propertry is exempted from capital gain tax. Please throw light in this matter.
Asked 10 years ago
you have to contact your chartered accountant to work out these details . as mentioned earlier the gains are added to your income and you would have to pay tax as per slab rate under which your income falls