How to save tax when you sell property

Property values have shot through the roof.

There are many who are investing in property these days as a result.

Property may be sold either to buy another property or to book a profit, when the valuations have become attractive.

Vikram was doing the latter.

He was getting transferred out of Mumbai, to his home city, Delhi.

He had bought a house in a Mumbai suburb, about six years earlier.

He is now interested in selling it, as he plans to settle in Delhi and he even has a buyer for it.

He is seriously considering that, but wanted to know a bit about the tax options surrounding the sale of the property.

Text: Suresh Sadagopan, Business Standard

Images: AP/AFP/Reuters/Wikipedia commons

Also see: The dream home bargain