By Manik Kalra
Capital Gain tax on sale of residential property can be saved in four ways:
Is this a Long Term Capital Asset or Short Term?
Property is a short term capital asset when held for 36 months or less. If held for more than 36 months it is considered a long term capital asset.
STCG are included in your taxable income and taxed at applicable tax rates basis on your slab.
LTCG are taxed at 20%.
Note: Following tax saving options are applicable for Long Term Capital Gain i.e. Residential property sold was held for 3 years or more.