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Income tax on sale proceeds of Land Property

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(Querist)
15 March 2024 Sir,
Very recent I have sold a land property . Is there any income tax involvement ?
With regards,
Sudhir Saha
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 March 2024 depending on the period of holding, short/long term capital gains may apply. For seeking exemption, explore section 54F, 54E etc.
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sudhir ch. saha

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sudhir ch. saha (Querist)
16 March 2024 Sir,
It was ancestral land property in the name of my wife.
With regards,
Sudhir Saha
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 March 2024 long term capital gains may apply..depending on the cost and sell price. if there are any capital gains, you can reinvest as per section 54F and 54E to claim exemption.
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