Tax on selling land - capital gains
What are taxation laws regarding selling of Land? In which amount tax is applicable? I mean lets say one has purchased a land plot for 10 Lakh and sold it later for 15 lakh then does tax will be applicable on complete 15 lakh or just the gain part which would be 5 lakh? How soon it needs to be reinvested in real estate to save on tax? I mean does someone have couple of years to reinvest the sale amount to save on tax or it needs to be reinvested in 6 months? Can a property owner who has recently sold a plot can enter into partnership with other individual/firm to reinvest the sale amount in a flat? what are the modus operandi of such an arrangement? how much tax benefit each partner will get?
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