Have you inherited a home or are planning to sell it? In such tax planning It is very important to understand, because with the right strategy Capital Gains Tax Big savings can be made. First of all know that There is no inheritance tax on inherited property.—Income Tax Act Section 56 It’s completely under tax free Is. But when you sell the house, the profits Capital Gains Tax Have to give. it Long Term Or Short Term will happen, which Previous Owner’s Purchase Date Is decided from. if property older than 24 months yes, then Long Term Capital Gain It will take. to save tax Section 54 Can buy a new house in or Section 54EC under NHAI/REC Bonds Can invest in. Tax can also be reduced by adding maintenance and improvement expenses.