Agriculture land sold income
This query is : Resolved
01 March 2016
one of our relative is farmer and he want to sale his agriculture land to another farmer, what will be tax liability if he sold this agriculture land amount Rs.90 lacs ? seller are 3 persons including 1 person senior citizen, then what tax liability on hand for senior citizen if he received Rs.30 lacs (90 lacs / 3 persons) ?
01 March 2016
The capital gain shall be worked out after taking the benefits of indexation, as applicable. It makes no difference if the said land is sold to 3 people or more than 3 and any one of them is senior citizen or not.
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