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.

Answer

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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