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Do we need to pay capital gains tax on selling property?- Property Hotline
Posted
August 4, 2016
Views
12,485
Likes
48
Comments
6
Engagement
0.43%
August 4, 2016
12,485
48
6
0.43%
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3:01Now PlayingExpert: Shipra Padhi, Member of International Tax Practice at Nishith Desai Associates.
Question: In case I sell property within 3 years of purchasing it, do I need to pay capital gains tax?
Answer: Yes, you will have to pay capital gains tax. A property is said to be a short-term capital asset if held for less than three years. You will need to pay short-term capital gains tax at your applicable slab rates if you make a profit.
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