Tax planning for property Sale
Tax planning for property sale, Capital gains tax: As an 80-year-old individual who is selling his own earn immovable property, may be liable to pay capital gains tax on the sale, depending on the specific details of the transaction. Capital gains tax is a tax levy on the profit earn from the sale of capital assets, such as property, shares, or securities.
The calculation of capital gains tax is influence by several factors, including the holding period, acquisition and improvement costs.
And the type of asset involved. These factors collectively determine the amount of tax payable on capital gains. sale price of the property. In India, long-term capital gains tax is levy at a flat rate of 20% on the profit earned from the sale of immovable property, provided the property has be held for more than two years.
However, if you are selling your primary residence, you may be eligible for certain exemptions or deductions.
Such as the exemption under Section 54 of the Income Tax Act, which allows you to reinvest the sale proceeds in another residential property to avail of the exemption.
It is advisable to consult a tax expert or a chartered accountant to understand the specific tax implications of your property sale transaction and ensure compliance with applicable tax laws.
To Visit: https://www.incometax.gov.in
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