Capital gain tax on sell of parental land

Selling land inherited from your parents can have Capital Gains Tax implications. The taxability depends on whether the land is classified as urban or rural, and if it's agricultural. Generally, rural agricultural land is exempt from this tax. However, if the land is located within a municipal area or is considered urban agricultural land, Capital Gains Tax will likely apply, with the duration of ownership determining if it's long-term or short-term.