Capital gain on sale of land?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2011
hi, i want to know how capital gain is arrived on sale of land for construction purpose & wt is criteria to satisfy as a agriculture land.
how IT department track such transaction becouse in my badlapur city lot of farmers sale there land but hav'nt pay capital gain on this even land comes under munisipalty area.
how IT department track such transaction becouse in my badlapur city lot of farmers sale there land but hav'nt pay capital gain on this even land comes under munisipalty area.
14 August 2011
Income tax department gets information through AIR which is provided by the registrar office for deals exceeding 10 lacs of rupees.
Sale of agriculture land is exempted provided another agricultural land is purchased. Many farmer are not aware of it that on sale of land used for agriculture attracts capital gains.
Sale of agriculture land is exempted provided another agricultural land is purchased. Many farmer are not aware of it that on sale of land used for agriculture attracts capital gains.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2011
sir, i have not seen till date any notice issued by IT department to land seller insted of above 10 lacs transaction & they are not paying capital gain tax on this transaction.
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