CAPITAL GAIN ON SALE OF Agriculture LAND
This query is : Resolved
26 June 2009
What amount of tax charged on Transfer/sale of Agricultural land to another person?
Kindly give an example too..
Thanks
Kindly give an example too..
Thanks
Sanjeev Jain
(Expert)
26 June 2009
Hie padmanabh,
Transfer of Agriculture land is depend upon two things: -
01. is it situated at rural area or urban area.
02. time period for which it was hold by the person .
If the land is situated at rural area then it is exempt under income tax act or if it is situated at urban area then holding period becomes very imp. becuase if it is hold for more than 3 years then it would be taxed @20% and exemption will be available on da amt. of Capital Gain if it is invested one year back or within 3 year from da date of transfer in Agriculture land or securities specified u/s 54EC.
Transfer of Agriculture land is depend upon two things: -
01. is it situated at rural area or urban area.
02. time period for which it was hold by the person .
If the land is situated at rural area then it is exempt under income tax act or if it is situated at urban area then holding period becomes very imp. becuase if it is hold for more than 3 years then it would be taxed @20% and exemption will be available on da amt. of Capital Gain if it is invested one year back or within 3 year from da date of transfer in Agriculture land or securities specified u/s 54EC.
29 June 2009
If It is non agriclutural land than when tax is leviable?
01 July 2023
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