CAPITAL GAIN TAX ON SALE OF PROPERTY BUDGET 2019

From 1st July, 2019 capital gain tax will be levied as per following rates as passed in finance bill 2019-20.

CAPITAL GAIN AMOUNT                             UPTO    5 Million         5%
CAPITAL GAIN AMOUNT ABOVE   5  Million  UPTO  10 Million       10%
CAPITAL GAIN AMOUNT ABOVE  10 Million  UPTO  15 Million       15%
CAPITAL GAIN AMOUNT ABOVE  15 Million  UPTO  20 Million       20%

Furthermore, in case of open plot where the holding period is up to one year, the full gain will be taxed.Where the holding period is between 1-10 years, 75% of the gain shall be taxed.There will be no tax in case the holding period is more than 08 years.

In case of gain on sale of constructed property is to be fully taxed where the holding period is up to one year and 75 % of the gain will be taxed where the holding period is between 1-4 years.Where the holding period is above four years no gains shall be taxed.