Can I somehow avoid tax if I sell land gifted to me by gift deed
I was gifted an agricultural land on which a building is also made a few years ago by my brother in law. The gift was via gift deed and the registry and possession are with me now.
Now if I want to sell the land someone says it will attract a tax of 30%.
How can I avoid this tax as it is very high and I will not be left with any benefit if I have to pay such heavy tax.
Firstly please specify the location of the property i.e.the state. Because the rules differ state to state.
Secondly the market value of your property .
Thirdly the donor who makes the gift is exempted from tax but since the ownership is transferred to you via gift its a pure white transfer and any proceeds from that will be showed in your income.
Since agriculture land is subjected to a lot of exemptions and subsidies depending on state to state, but when used for non agricultural purposes the whole nature of land is changed.
So the tax eviction /reduction you looking for will entirely depend on other factors for which all the documents pertaining to your property and your income statements need to be looked into very deeply.
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