30 July 2016
We have sold pure Agricultural land Purchased 5 Years before ,20 Kms distanced from city limit ,to a company ,under 63AA clause of Gujarat Revenue code which permits Agricultural land sales to a company for bonafide industrial purpose. The reference rates/Jantri for calculating stamp duty for Registration of sale deed are as per Industrial NA land. Are we required to pay IT on Profit ?
31 July 2016
If it is a pure rural agricultural land, it is exempted form Income Tax. I your case no need to pay tax on profit from sale of agricultural land
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