Tax on gains on a sale of land property

Harsha (Software professional) (214 Points)

23 June 2014  

Dear Experts,

 

There is a land property in my name, in Karnataka. The property has been in my name for more than 33 years. Now I plan to sell my property for a profit.

 

Is the gains from property sale taxable though it has been held for a long period? If yes, is there any indexing applicable depending on the state governed land revenue rules? If taxes are applicable, are there any schemes like Government Schemes, Bank FDs etc to make the gains tax-free? .

 

Please advise.

 

Regards,

Harsha Vardhana R