There are two types of tax on property in India viz Short Term Capital Gain (STCG) Tax and Long Term Capital Gain (LTCG) Tax.
If your property is less than 24 months old, then you are compelled to pay tax on selling property in India as Short Term Capital Gain (STCG) Tax depending on the income tax slab.
On the other hand, if your property is more than 24 months old, you will have to pay tax on selling property in India as Long Term Capital Gain (LTCG) Tax. It is usually 20% on the purchase rate plus a cess of 3%, if the sale fulfils certain conditions.
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What is the tax on selling property in India?
Nikhil Deshpande
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October 7, 2020
2020-10-07T13:21:18+00:00 2023-06-21T20:01:00+00:00Comment
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