1. Income Tax on Capital Gain:
.01           Profit / gain realized upon sale of movable or immovable asset/ property termed as capital gains and is liable to income tax.
.02           In case of immovable property such profit / gain is termed as long term capital gain if  land or house is sold 3 years after acquisition.
.03           Long Term gains are taxed at 20%.   
.04           While computing Long Term Capital Gains , cost escalation / reduction of gains based on notified cost of living index  is granted & gains so reduced are taxed at 20%.  
.05           If  sold within 3 years, the gains termed as short term capital gains are taxed at normal rates ranging from 0% to 30%
.06           Basic income exemption is not available to Non Residents while computing tax on long term capital gains and  thus the entire gains  from the first Rupee are taxed at 20% subject to cost indexation.
.07           It is important to note that capital gains on sale of immovable property are calculated on the basis of actual sale price or the fair market valuation determined in case of the buyer under the stamp duty valuation rules of the State being the Government notified valuation whichever is higher.
2. Income from Renting of Property:
.01           Income arising from renting of property is liable to income tax in India. Hence rent is taxable income .
.02           However deduction from gross rental income equal to 30%  is allowed irrespective of actual expenses incurred.
.03           Further If the House Property is purchased or constructed with borrowed funds than deduction for Interest paid on such borrowed funds is granted subject to specified limit in case of self occupied house and actual interest amount without any limit if rented out.
.04           Tax will be deducted from Gross Rent at 30%
     3. Wealth-tax:
1.01       Wealth Tax is levied on the market value of taxable assets in India, which include immovable properties being residential houses and plots of land, jewellery, vehicles and cash in excess of Rs.50,000/-, if the total market value of such taxable  wealth exceeds Rs.30 lakhs as on 31st March of a Financial Year subject to deduction of liabilities , if any. For Financial Year 2008-09 this exemption limit was Rs. 1.5 mn.
1.02       An exemption from wealth tax  is granted  for total value of any one house property or a plot of land having area of 500 sq. mts. or less .
1.03       Rented out residential houses are not subject to wealth tax.
2.      Presently rate of Wealth Tax is 1 % and the same is payable every year on the present market value of taxable assets i.e. net value after deduction of liabilities , if any , as on 31st March together with Wealth Tax returns.            

    4. Gift-tax :  
Gift Tax has been abolished in India since 30.9.1998. Hence, there is no gift tax whatsoever for any gift including gift of immovable property.
However with effect from 1st October 2009, amounts/values of gifts exceeding Rs.50,000 received from persons who are not covered by the definition of 'close relative ' are to be taxed as taxable income in the hands of the donee. As such donee is required to pay income tax on the amount of gift or market value of movable properties.
    5. Estate-duty/ Inheritance tax  :  
1.      Estate duty being abolished in India in 1984, there is no tax as regards inheritance of property.  
2.      Depending on whether a Will is in existence or otherwise, court orders for inheritance certificate or probate are to be obtained for all assets including immovable properties.