I have sold a house which had been purchased by me 5 years ago. Am I required to pay any tax on the profit earned by me on account of such sale? https://www.taxtmi.com/manuals?id=4139 Sale of a house held for five years is treated as transfer of a long-term capital asset; any gain on such transfer is chargeable under Capital Gains and must be computed by applying the statutory rules for determining capital gain, with a taxable liability arising only if the prescribed computation produces a gain. en-us Mon, 25 Dec 2023 15:28:00 +0530 Mon, 25 Dec 2023 15:28:00 +0530 TaxTMI RSS Generator I have sold a house which had been purchased by me 5 years ago. Am I required to pay any tax on the profit earned by me on account of such sale? https://www.taxtmi.com/manuals?id=4139 Sale of a house held for five years is treated as transfer of a long-term capital asset; any gain on such transfer is chargeable under Capital Gains and must be computed by applying the statutory rules for determining capital gain, with a taxable liability arising only if the prescribed computation produces a gain. Manuals Income Tax Mon, 25 Dec 2023 15:28:00 +0530 https://www.taxtmi.com/manuals?id=4139