22 Mar 2016 The rules around capital gains taxes, including tax rates, basis, and step-up in basis. So, if you purchased a house for $250,000 and sold it for $450,000 the property for less than a year, you would be subject to short-term Long-term capital gains tax is a tax applied to assets held for more than a year. The long-term capital gains tax rates are 0 percent, 15 percent and 20 percent, depending on your income. So, your Long-term Capital Gains Tax on sale of property will be 20% of this gain of 14,90,826. This works out to 2,98,165. Long Term Capital Gain Tax Rate for 2018-19. Here is the Long Term Capital Gain Tax Rate for 2018-19. Also Read : Cost Inflation Index Calculations for 2018-19. Capital Gain on sale of house property Section 54