Hi,
I believe you wish to know about the taxation on property transfer.
Capital gains tax is applied to profits or gains on the sale of real estate held as a capital asset. The length of time the capital asset under consideration was held prior to the transfer determines the tax consequences of capital gains.
An immovable asset, such as land, a building, or both, that has been owned for less than 24 months is considered a short-term capital asset, while an immovable asset that has been owned for more than 24 months is considered a long-term capital asset. Prior to AY 2018-19, such assessment years were 36 months long rather than 24. Transferring short-term assets results in short-term capital gains (STCG) while doing the same with long-term assets results in long-term capital gains (LTCG). Different tax rates apply to STCG and LTCG.
I hope this helps you.
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Are there any charges for transferring tax property to pay in the tax office?
Nasree shaikh
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2023-01-25T09:05:06+00:00 2023-01-25T09:12:54+00:00Comment
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