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
That makes sense. Now, let me give you the total income from this sale - it's 22 L. Can you tell me how much tax I would need to pay on this?
Sure. If you held the property for more than two years, the capital gains tax rate would be 20%, which means you would need to pay 4.4 L in taxes on this sale.