Tax on inherited n a land
tariq rafique (proprieter) (24 Points)
25 December 2015tariq rafique (proprieter) (24 Points)
25 December 2015
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 25 December 2015
If it is urban agricultural land used for agricultural purpose during 2 yrs before acquisition, then capital gain is exempt from tax u/s 10(37). If it is a rural agricultural land, then no capital gain is taxable. If not an agricultural land, then compensation is taxable in the year of receipt.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)