Capital Gains Exemption on Sale of Gifted Property Simplified!

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The confusion regarding capital gains on sale of property received as gift from relative is very common among  tax payers. One such tax payer, a subscriber to this blog Sri Som Rajan , has  asked by mail “Whether sale of gifted property is exempt from  LT capital gain, e.g. land gifted by parents.”. Since the question asked by Sri Rajan is of equal interest to other readers, an elaborate answer on the subject is given for the benefit for all.

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