capital gain
capital gain
My father had purchased a property in 1970 which is in my name since last ten years. This year I demolished the house which was built on it at the time of purchase by my father and got a new plan pass
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5 years ago
A. Dear Client,
You need to have a look to the following:
Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.
If you sell property that is not your main home (including a second home) that you've held for at least a year, you must pay tax on any ...ReadMore
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