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.
Are there any charges for transferring tax property to pay in the tax office?
Nasree shaikh
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January 25, 2023
2023-01-25T09:05:06+00:00 2023-01-25T09:12:54+00:00Comment
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