Capital gain
This query is : Resolved
03 July 2012
sir,please guide me,suppose i have sold agriculture land (i am farmer) around Rs.4 crore, then what i am liable for tax liabilities as LTCG?
My second problems,i have no PAN.Then what?
My second problems,i have no PAN.Then what?
03 July 2012
If the agricultural land is situated in a rural area, then capital gain is exempt.
Otherwise, capital gain shall arise and you will have to pay tax on it.
If you do not have a PAN, apply for the same.
Otherwise, capital gain shall arise and you will have to pay tax on it.
If you do not have a PAN, apply for the same.
03 July 2012
It depends upon where your agricultural land is situated. If the land is situated in the specified area then you will have to pay LTCG. Please see the definition of capital asset in in section 2(14)(iii)(a&b).
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