What is the tax rate slabs for property sale in West Bengal? The property is in Madhyamgram?
June 24th, 2010 by
I have a property in Madhyamgram that I want to sell. What’s the tax that I will have to pay on the money earned? Please tell me the rate slabs.
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Selling property and gain on it attracts capital gains (Income Tax). The property may be in any part of India, the tax rates and rules are same.
The capital gains are of two types. Short term and long term.
Short term capital gains:
If any one sells the property with in 3 years of duration, the gains are treated as short term capital gains. In this case the gains will be added to the other income of the seller and he has to pay tax as per Income Tax Slab rates. The slab rates are given below:
:
Income Tax Slab for F.Y. 2009-10, A.Y.2010-11
For Male below 65 Years
Up to Rs. 1,60,000 Nil
Rs. 1,60,001 to Rs. 3,00,000 10%
Rs. 3,00,001 to Rs. 5,00,000 20%
Rs. 5,00,001 and Above 30%
For Women Taxpayers
Up to Rs. 1,90,000 Nil
Rs. 1,90,001 to Rs. 3,00,000 10%
Rs. 3,00,001 to Rs. 5,00,000 20%
Rs. 5,00,001 and above 30%
For Senior Citizens
Up to Rs. 2,40,000 Nil
Rs. 2,40,000 to Rs. 3,00,000 10%
Rs. 3,00,001 to Rs. 5,00,000 20%
Rs. 5,00,001 and above 30%
Long Term Capital Gains:
Property sold after holding 3 years and above will be treated as LTCG. The tax on it is 20% at flat rate after indexation. By way of indexation, the gains will be reduce. For more details read in the Income Tax web site: