Long Term & Short Term Capital Gains Tax on Property
Автор: Symbiosis Infra
Загружено: 2024-04-30
Просмотров: 238
Описание:
Here's an Example💡
Suppose you bought a property for Rs. 50 lakh 🏠,
spent Rs. 8 lakh on legal costs 📜,
and Rs. 22 lakh on renovations 🔧.
If you sell it for Rs. 1 crore 💰:
Capital Gains Calculation: Rs. 1 crore (selling price) - Rs. 80 lakh (total expenses) = Rs. 20 lakh (capital gains).
Tax Implications:
Selling within 2 years: Taxed according to your income tax slab 💼.
Selling after 2 years: Taxed at 20% on the Rs. 20 lakh capital gains, which amounts to Rs. 4 lakh 💵.
Understanding these calculations helps in planning real estate transactions considering the short-term and long-term tax impacts📊.
But there's a way you don't have to pay capital gains on your property at all!😉👀
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