How much tax do I pay on sale of property in India?

Long term Capital Gains on sale of real estate are taxed at 20\%, plus a cess of 3\%, if the sale fulfils certain conditions. If you sell a property that was gifted to you, or that you have inherited, you will still be liable to pay capital gains tax on it.

Do you pay tax when you sell property?

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 profit at the capital gains rate of up to 15 percent. Profit from selling buildings held less than a year is taxed at your regular rate.

What are the tax implications of buying a property in India?

If you are buying a property from a resident Indian, you are responsible for deducting 1\% of the deal value as TDS (tax deducted at source), if the overall cost of the property is more than Rs 50 lakhs, and submitting it to the Income-Tax Department.

How much is the stamp duty for a flat in Mumbai?

You need to pay three percent as stamp duty till March 31, 2021. If you are planning to get your property registered in April, you need to pay stamp duty as per the revised rate. My Father had brought a Flat in Mumbai in 1983.

What is TDs when buying a house worth over Rs 50 lakh?

To plug tax leaks, the government has now made it mandatory for buyers to deduct TDS when they buy a house worth over Rs 50 lakh. TDS of 1\% of the value of the property has to be deducted before making the payment to the seller.

What taxes do NRI sellers have to pay when selling property?

A key determinant of the taxes that an NRI seller will have to pay on a realty transaction, is the holding period of the said property. The rate of tax on the capital gains is lower, if the holding period of the property is considered as long term, while the rate is higher for a property held for a short term.