Capital gain-agricultural land
This query is : Resolved
06 January 2015
My Father(Age 74) has sold an ancestors land which is in rural area (25km from city). So ideally capital gain tax is not applicable as per rule. But in agreement buyer has mentioned that he is purchasing same for industrial purpose.
Will this cause any capital gain tax implication ??
Will this cause any capital gain tax implication ??
06 January 2015
If it is agricultural land as per records of revenue authorities it is exempted from capital gains tax irrespective of the purpose for which it is purchased.
06 January 2015
Thanks a lot for quick response...according to 7-12 records(7-12 Utara) it is agricultural land only. Can you please clarify how to get "record of revenue Authority". Is it same as 7-12 records that we refer in Maharastra.
06 January 2015
You can contact the concerned person in revenue office they will guide you or you can get it under right to information Act.
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