Actually my mother has brought a vacant land in Bangalore in 1995. All most 22 years land. Now we are trying to sell the land for Rs. 30,00,000/- to one of the party. My mother age is approx 55 – 60 years. The party is transferring the funds through RTGS to bank directly. Please inform whether we need to pay tax. Also please inform how to exempt tax. We are very poor and trying to sell land for marriage of my 2 siblings. Please inform me.
Yes, Long Term capital gain tax is applicable on the Sale proceeds.
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