Income tax on selling land property after six yrs

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Income tax on selling land property after six yrs

I brought a land six yrs ago for two lakhs six yrs ago and now sold it for three lakhs whether i will have to pay tax for it I am a salaried person with an income of eight lakhs

Profile photo of santhosh Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months, 1 week ago
  • Profile photo of santhoshAnonymous

    I brought a land six yrs ago for two lakhs six yrs ago and now sold it for three lakhs whether i will have to pay tax for it I am a salaried person with an income of eight lakhs

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Yes it will be treated as long term capital asset and may attract Long Term Capital Gain Tax @20% post indexation.

    But there are ways you can save the tax on capital gains. To know more you can contact our tax expert.

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