Regarding ltcg tax against open land sale

1. There is no escape.

2. Since it was you who inherited the property, and it was you who sold the property, you are liable to pay the tax and not your Nephew, unless your nephew was also the owner of the property.

3. Whether you are liable to pay Rs. 8 lakhs as tax or not will depend upon (i) as to in which year was the property purchased (ii) what was the price at which it was purchased (iii) what was the stamp duty amount paid at the time of purchase.

4. What was the price for which the property was sold (as shown in the Sale Deed)?

5. Based on the information that you may provide in regard to point (3) and (4) above, one will be in a position to indicate to you as to how much tax is payable.

Is there any penalty involved as Its being two years