Income earned through transactions arising from the transfer of land or buildings is taxable under Capital Gain - Land, Building. Any land or building or both held for a period of 24 months or less is treated as a short term capital asset. If the same is held for more than 24 months it is treated as a long term capital asset.
Click here to know how to compute short term capital gain.
Click here to know how to compute long term capital gain.
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