CAPITAL GAIN ON SALE OF AGRL. LAND SITUATED IN GRAMPANCHAYAT
This query is : Resolved
23 September 2010
I SELLING MY AGRICULTURL LAND FOR Rs. 20 LAKH WHICH IS BEING CULTIVATED. THIS LAND IS INHERRITED BY ME ON THE DEATH OF MY MOTHER. IT WAS INHERRITED / HELD BY HER ON THE DEATH OF MY FATHER.
I ALREADY HAVE MADE AN AFFIDAVIT THAT THE SAID LAND MAY BE ASSUMED AS PROPERTY OF MY HUF ON JANUARY 2010. NOW I AM APPLYING FOR PAN OF SAID HUF.
I WANT TO DEPOSIT THE AMT OF COSSIDERATION OF LAND INTO BANK .
PLEASE GUIDE ME WEHETHER IT WILL ATTRAT CAPITAL GAINS TAX ? IF THE LAND IS SITUATED BEYOND 10 KMS. FROM MUNICIPALITY AND WITHIN GRAMPANCHAYAT JURISDICTION IF HAVING POPULATION MORE THAN 10000.
CAN EXPERTS GUIDE?
THANKS IN ADVANCE
I ALREADY HAVE MADE AN AFFIDAVIT THAT THE SAID LAND MAY BE ASSUMED AS PROPERTY OF MY HUF ON JANUARY 2010. NOW I AM APPLYING FOR PAN OF SAID HUF.
I WANT TO DEPOSIT THE AMT OF COSSIDERATION OF LAND INTO BANK .
PLEASE GUIDE ME WEHETHER IT WILL ATTRAT CAPITAL GAINS TAX ? IF THE LAND IS SITUATED BEYOND 10 KMS. FROM MUNICIPALITY AND WITHIN GRAMPANCHAYAT JURISDICTION IF HAVING POPULATION MORE THAN 10000.
CAN EXPERTS GUIDE?
THANKS IN ADVANCE
23 September 2010
Since your land is not coming under municipality , it is not a capital asset.
No capital gain is applicable.
No capital gain is applicable.
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