I have inherited about 1 acre of land. It was originally purchased by my father in May 1995. I want to sell it in May 2017. Will the money received through sale of land be taxable?
—Deepak Kumar
Agricultural land situated in specified areas is not considered as capital asset (under section 2(1A) of the income tax Act).
In the absence of information, we have assumed that the inherited land is neither an agricultural land nor situated in specified areas. Accordingly, there will be capital gain tax implications on such sale.
