About 50c
This query is : Resolved
damarla subbarao
(Querist)
27 January 2016
Sir,
I sold my Agricultural land in 2006, with GPA Registration, against full consideration of Rs 1500000-00, to X & Y. In 2008 year, the parties X & Y registered by theirself, in the documents full consideration mention 1500000-00, but stamp duty paid on of Rs 30,00,000-00. But i received a notice to pay tax liability under 50c. Bu my question is actually i am liable to pay tax. As my knowledge sale of agricultural land is exempted from capital gain, please advice me
I sold my Agricultural land in 2006, with GPA Registration, against full consideration of Rs 1500000-00, to X & Y. In 2008 year, the parties X & Y registered by theirself, in the documents full consideration mention 1500000-00, but stamp duty paid on of Rs 30,00,000-00. But i received a notice to pay tax liability under 50c. Bu my question is actually i am liable to pay tax. As my knowledge sale of agricultural land is exempted from capital gain, please advice me
Amol S Joglekar
(Expert)
27 January 2016
Sale of agricultural land is NOT exempt in ALL cases. You need to consider the distance of your agricultural land from the nearest city....
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