Tax on sale property (Land)

Since the land was held for over 14 years, the gain is Long-Term Capital Gain. After indexation, the taxable gain is approximately ₹26.10 lakh, resulting in a tax of about ₹5.43 lakh at 20% plus cess. However, you can legally reduce this tax to zero by investing either in a residential house (Section 54F) or in capital gain bonds like NHAI/REC (Section 54EC) within the prescribed timelines.