Share
Are there any charges for transferring tax property to pay in the tax office?
Question
Related questions
Can buy two properties after selling one property in India?
Can NRI apply DDA flats?
What if NRI pays 1 percent TDS?
I have willed a self-acquired property to my son. Will it be considered ancestral property in the hands of my son?
My grandfather gave half of the property to me with a settlement document(which we can hand over after his death(unless he just utilises the property). After 1 year my father died due to COVID and now my grandfather’s younger son, made my grandfather write the whole property instead of the rest of the half property in his name. They made a registration recently as a Gift deed. I need a detailed explanation
Answer ( 1 )
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.
Interested in buying a home?
Book Best Packers & Movers with Best Price, Free Cancellation, Dedicated Move Manager
Get Rental Agreement With Doorstep Delivery, Super Quick & Easy
This is third
This is third
This is fourth
This is fourth
This is fifth
This is fifth
This is six
This is six
This is seven
This is seven
This is eight
This is eight