I have inherited a small plot of land from my father. Unfortunately the fair value for the land is more than 3cr. If I sold the land I would not get that much because of its shape and surrondings. The land does not contain a house, The land is classed as urban land.
What can I do to avoild wealth tax, as my income is only 2.5 lakh per year, wealth tax alone would come to more than 3lakh ( @ 1% of fair value).
If I build a small house on the land would that be enough to remove the wealth tax liability.
Can I try and arrange a pay & park on the land (this is difficult as no one would really want to park there.
Please help .
can anybody suggest what else I can do.
Thankyou.
CAclubindia
