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Capital gain

1 reply, 2 voices Last updated by Vaishali Dhameja 1 week ago
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  • #6441

    puri mayank
    Participant
    @puri76mayank

    My father has sold a house which was purchased by me 8 years ago. Am I liable to pay any tax on the profit earned such sale?

    #6444

    Vaishali Dhameja
    Participant
    @vinnied99

    From Assessment Year 2018-19, the period of holding of immovable property (of land or building), shall be considered to be 24 months instead of 36 months. Therefore, the house sold by you is a long-term capital asset and the gain arising on transfer of the capital asset is chargeable under the head “Capital Gains”. Thus, to check the taxability, you have to compute capital gain by following the rules laid down by the Income Tax Act, and if the result is gain, then the same will be liable to tax.

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