Is the gain from the sale of inherited property is exempted from tax ?
3 Replies
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 18 February 2011
Hi,
Definately taxable. But u have options under section 54 to reduce tax burden by investing in the specified avenues mentioned under sec 54, 54EC, 54F. There is no specific exemption under income tax act for the aforesaid income.
Thanks and Regards,
Manoj B. Gavali
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