Is the gain from the sale of inherited property is exempted from tax ?
Sumiti Jain (FP) (1364 Points)
18 February 2011Is the gain from the sale of inherited property is exempted from tax ?
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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