computation on capital gain of sell of ancestral land
satendra (agriculture) (43 Points)
20 February 20171. provide the details of computation of capital gain received by sell of immovable property.
what can I do sir now. please help me
satendra (agriculture) (43 Points)
20 February 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 20 February 2017
" my father sold the agriculture land in December 2012 . which was the ancestral land............."
If it was rural agricultural land, capital gains would be tax exempt. So, reply accordingly.
But check if it was within the boundaries of specified area, in that case tax liability would arise. Better take help of any local CA/ tax expert.
satendra
(agriculture)
(43 Points)
Replied 20 February 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 20 February 2017
So, take a copy from Village Development Officer or Surpanch about the land to be rural agricultural land, and reply about the transaction as tax-exempt.
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