Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 November 2012
Capital Gain on sale of agricultural land in any area which is far from 8 Km from the municipality area & the population is not more than 10000 is exempt from tax.
But what if the conditions are not fulfilled. What would be the tax rate on sale of such agricultural land which is within the limits of municipality or whose population is more than 10000. Also I would like to know that the indexation benefit would be available or not for the land. Please suggest urgently.
But what if the conditions are not fulfilled. What would be the tax rate on sale of such agricultural land which is within the limits of municipality or whose population is more than 10000. Also I would like to know that the indexation benefit would be available or not for the land. Please suggest urgently.
Anand Modi
(Expert)
23 November 2012
The gain on sale of land is taxable @ 20% and yes you can get the benefit of indexation.
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