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capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 November 2009 in our client grand father property that is agricultural land. after he death.his three child shared the property evenly now in 18/04/2006 sold the property rs.12cr divided by eight shares each one got rs.1.50cr so my question is its come under capital gain? if capital gain means taxable or exempted ? please give answer with section
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hshivakumar

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hshivakumar (Expert)
13 November 2009 if it is agricultural land beyond the specified limits then it is exempt otherwise it taxable under the head capital gains.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
13 November 2009 i agree with Expert.




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