INTERVIEW QUESTIONS TAX MUNICIPAL TAX / PROPERTY TAX DETAILS

Question: Please write the formula for calculating the Long Term Capital Gain Tax (LCGT)?

Answer: Long Term Capital Gain Tax (LCGT) is 20% of the gain you earned from the property. If the property was held for more than three years at the time of transfer, then the gains are considered as long-term capital gains (LTCG). It is taxed at 20% with indexation. To calculate LTCG from the property, the seller has to calculate the indexed cost of acquisition.

Long Term Capital Gain Tax (LCGT) is 20% of the gain you earned from the property. If the property was held for more than three years at the time of transfer, then the gains are considered as long-term capital gains (LTCG). It is taxed at 20% with indexation. To calculate LTCG from the property, the seller has to calculate the indexed cost of acquisition. Source: CoolInterview.com

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