capital gain tax

When you sell a property, be it a home or land, you have to pay capital gains tax on the same. Capital gains tax is of two types- Short-Term Capital Gains (STCG) for a property held for less than 36 months and Long-Term Capital Gains (LTCG) for above 36 months.In the case of STCG, the profits generated in the process of selling land is included in the taxable income of the owner and he/she has to pay...

Capital gains can be loosely termed as the profit generated from the sale of any investment or property. Depending on the duration of holding of these assets, capital gains are classified as long-term & short-term gains. According to the Income Tax Act, 1961, any immovable property with a holding period of more than 2 years is classified as long-term capital assets and any profit arise by selling...