My late father had bought 1 acre of land for Rs1 lakh in October 1981 and gave it to me in 2000. I want to sell it now for Rs15.30 crore. What is the rate and amount of tax on this?
—Murali Pillai
We have assumed that your gifted land is not agricultural land. Accordingly, any gains, resulting from sale of land shall be taxable in your hands as ‘capital gains’.
In case of gift, the period of holding of land is reckoned from the acquisition date of land by the owner who has actually acquired the said asset, otherwise than by inheritance or gift.
