We siblings have sold a land inherited from our father after his death. The land may not be in Muncipal limits. Also sold after 3 years from date of purchase. I am a salaried person but my siblings are not. Will I have to pay any Capital gain tax?
Responses from experts appriciated.
The facts provided are few and so it is difficult to come to any conclusion.
1. Was it an agricultural land?
2. Was agricultural activity carried on on the land prior to sale?
3. What was the buyer intending to do with the land? Was it for housing purposes?
4. Was the land shown as agricultural land in Revenue records at the time of sale?
5. Is the land falling within the urban zone?
The answers to all these questions are relevant and will decide on your tax liability or otherwise.
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