My father had bought a plot of land in 1995 for Rs. 50,000. He transferred the same to me during the financial year 2021-22 as a gift. The stamp duty ready reckoner value at the time of transfer was Rs. 25 lakhs. I have sold it during the current year for Rs. 28 lakhs. What is my tax liability? Is the profit of Rs. 3 lakhs short term gain or long term?
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