Capital gain on sale of agricultural land
This query is : Resolved
T.V.Srinivas
(Querist)
14 July 2018
Sir one of my client had an agricultural land which was received from his father in 1998 and now he is willing to sell it for Rs 25,00,000 does capital gains attract on sale of agricultural land situated 15 kms away from city limits
what is the amount of tax to be paid by him?
how to ascertain the profit on such sale ?
is there any possibility to avoid tax on such profit?
pleas help me
thanks in advance
what is the amount of tax to be paid by him?
how to ascertain the profit on such sale ?
is there any possibility to avoid tax on such profit?
pleas help me
thanks in advance
CA R SEETHARAMAN
(Expert)
14 July 2018
Being agricultural land situated away more than 15kms from city limits capital gains exempt from tax.
T.V.Srinivas
(Querist)
14 July 2018
sir pleas let me know how to assess the distance from city limits to the land, because it has 2 roads passing near to the land
CA R SEETHARAMAN
(Expert)
14 July 2018
You have to see ariel distance.
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