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I recently helped my friend sell his land. Should I file tax returns? If so what would be the calculation?total income = 22 L
What is the rate of capital gains tax?
The rate of capital gains tax can vary depending on the length of time you held the property before selling it. If you held the property for more than two years, the tax rate would be 20%. If you held it for less than two years, it would be taxed at your ordinary income tax rate.