Capital gain

This query is : Resolved

khetesh (Querist)
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03 July 2012 sir,please guide me,suppose i have sold agriculture land (i am farmer) around Rs.4 crore, then what i am liable for tax liabilities as LTCG?
My second problems,i have no PAN.Then what?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 July 2012 If the agricultural land is situated in a rural area, then capital gain is exempt.

Otherwise, capital gain shall arise and you will have to pay tax on it.

If you do not have a PAN, apply for the same.

Rajesh

Rajesh (Expert)
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03 July 2012 It depends upon where your agricultural land is situated. If the land is situated in the specified area then you will have to pay LTCG. Please see the definition of capital asset in in section 2(14)(iii)(a&b).