Tax on sale of property.

Long term Capital Gains on sale of real estate are taxed at 20%, plus a cess of 3%, if the sale fulfils certain conditions. If you sell a property that was gifted to you, or that you have inherited, you will still be liable to pay capital gains tax on it.

But it is land and not residential property. So please check again

Section 54F of the IT Act allows an exemption on capital gain from sale of any property other than a residential house. This exemption is subject to certain conditions which are:

• Taxpayer should invest the net sale proceeds of the property in purchase of a new residential house.
• The new residential property must be purchased either 1 year before the sale or years after the sale of the property/asset Or the new residential house property must be constructed within 3 years of sale of the property
• Taxpayer should not own more than one residential house on the date of transfer, other than the one bought for claiming exemption under this section.