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    2023-01-30T10:52:05+05:30

    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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