Capital gain
This query is : Resolved
12 June 2015
one of my relatives have sold agricultural land in u.p. @ Rs.87 lacs.it was purchased @ Rs.2 lacs before 1981.Payment is received in 2 bank account by trnsfer directly Rs.45 lacs& 42 lacs.Whether it is taxable ?? whether it is required to file return ?? pls give detail computation. which itr to be filed??? waiting for expert solutions.
12 June 2015
If it is a rural agricultural land situated 8 kms aerially away from municipal limits and as per revenue records it is agricultural land, then it is exempted from income tax. If it is exempted no need to file return.
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