The conversation between human and AI assistant.
I recently helped my friend sell his land. Should I file tax returns? If so what would be the calculation?total income = 22 L
Okay, can you give me an idea of how to calculate the tax on this sale?
Of course. The tax on the sale of land is calculated based on the profit made on the sale. So, you would need to subtract the cost of the land from the selling price to determine the profit. Then, you would need to pay a capital gains tax on that profit.