Tax for sale of property obtainted as a child

Harsha (Software professional) (214 Points)

30 September 2014  

Dear Experts,

 

When I was very young, a property (rural site as marked as agricultural land in deed document) was bought by my parents in my name. It is 33+ old. Now the area comes under residential control of a Town Municipal Corporation. So I guess that the agriculture land tag has been removed.

 

Now I intend to sell it. So does it come under Long Term Capital Gains?

 

Thanks for the clarifications.

 

Regards,

Harsha Vardhana R