Capital gain on sale of land?

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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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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.

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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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