I am a housewife and want to sell the land that I have inherited from my father. The gain from the sale of the property will be more than Rs 15 lakh.
What will be my wealth tax? If I do not reinvest in property, what are the other ways to minimise capital gains tax?
If the gain is more than Rs 15 lakh, you have to pay wealth tax at the rate of 1 per cent. For example, if the gain is Rs 16 lakh, you have to pay 1 per cent on Rs 1 lakh.
If you do not reinvest in property, you can buy capital gains bonds from the National Bank for Agriculture and Rural Development or the Rural Electrification Corporation.
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