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i have sold my land which was my “khandani” land.
how it will be treated in income tax.
Capital gains shall be calculated by deducting the cost of purchase of the house by your parents, including any improvements done by them or you, from its sale amount. Moreover, if the period of holding the property is more than 36 months, including the period the house was held by your parents then, gains will be long term and tax will be charged at 20% after indexation. If the house was held for less than 36 months, the gains will be short-term and be taxed as per the slab rates.
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