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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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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