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Income from sale of house property

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(Querist)
17 January 2016 how to calculate income from sale of house property and what is the rate of income tax on sale of house property.
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praveen

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praveen (Expert)
18 January 2016 You have to first see how many years the property was owned.. Then compute the cost and index it at rates mentioned in the income tax act and then pay tax at 20% if it is long term otherwise normal income tax for short term

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