Correct Answer: Capital Gains Tax on Property: 1 Short term, 2 Long term Short Term Capital Gain on property is considered as a gain from selling a property which was held by you for less than 36 months As a taxpayer, you are liable to pay tax on short term capital gain on property as per your applicable marginal income tax slab * Current Short Term Capital Gains tax rate is 30% Long Term Capital Gain When you sell your property that is owned by you for more than three years, any gain arising from such sale will be considered as long term capital gain Long term capital gain is calculated as the difference between net sales consideration and indexed cost of property * Current Long Term Capital Gains tax rate is 20%
