Is the gain from the sale of inherited property is exempted from tax ?
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Sale of inherited property
Replies (3)
yes it will be taxable.
Hi,
Definately taxable. But u have options under section 54 to reduce tax burden by investing in the specified avenues mentioned under sec 54, 54EC, 54F. There is no specific exemption under income tax act for the aforesaid income.
Thanks and Regards,
Manoj B. Gavali
Thanx to clear my doubts
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