Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 March 2014
Dear Sir,
We have acquired Agricultural Land for Rs. 207200 during Sept 2000. Another Agricultural Land was Purchased for Rs 254200 during Oct 2002. These lands were converted for residential purpose and sold for Rs. 11640000 during Sept 2013.
Please let us know what is the capital gain tax? and how to reduce the tax liabilities
Regards
We have acquired Agricultural Land for Rs. 207200 during Sept 2000. Another Agricultural Land was Purchased for Rs 254200 during Oct 2002. These lands were converted for residential purpose and sold for Rs. 11640000 during Sept 2013.
Please let us know what is the capital gain tax? and how to reduce the tax liabilities
Regards
Nikhil Kaushik
(Expert)
13 March 2014
the capital gains shall be computed under normal capital gains provisions. you can use section 54F, 54ec for claiming exemption
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