Tax Planning for Inherited Property Sale !

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Selling inherited property ( other than agricultural land  which is not a capital asset  under Income Tax Act) does give rise to income (generally because of very high current market price of immovable property ) taxable under the head “ Long Term Capital Gains .This post is devoted to tax planning for sale of  a capital asset , be it the immovable property  i.e house /flat or land or other real estate or movable property such as gold or jewellery  which  have been inherited by you and the date of acquisition of the property by the original owner was before 01/04/1981. The tax planning method described here is based on two fundamental laws under Income Tax Act  as given below

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