The sale of property refers to the transfer of ownership of immovable property, such as land, residential or commercial buildings, in exchange for consideration. Income from the sale is classified as capital gains and taxed under the Income Tax Act, 1961, based on the holding period of the asset. Short-term capital gains arise if the property is held for less than 24 months (for immovable property), while long-term capital gains apply if held longer. The taxable gain is computed as the difference between the sale price and the indexed cost of acquisition and improvement, after deducting expenses related to the sale. Exemptions are available under sections like 54, 54EC, and 54F for reinvestment in specified assets. Accurate documentation, including sale deeds, purchase receipts, and property registration records, is essential for compliance. Timely reporting of capital gains in the Income Tax Return ensures transparency, legal adherence, and avoidance of penalties. Professional assistance is recommended for proper computation, claiming exemptions, and filing returns to minimize tax liability and maintain compliance with tax laws.