capital gain tax on agri. land.
This query is : Resolved
10 June 2009
please provide me details of sale of inharant ag. land.,how i calculate capital gain if applicable?what is tax rate/treatement.
10 June 2009
10 June 2009
11 June 2009
It would be governed by Sec.49 of the Income Tax Act.
The taxability would be as follows:
Full Value of Consideration
(It must be atleast equal
to Stamp duty valuation)
Less: Expenses on Transfer
Net Sales Consideration
Less: Indexed Cost of Aquisition
(Cost of Aquisition x Indexation of year in which property was aquired by previous owner/Indexation of year in which property was transferred to you*
Less: Indexed Cost of Improvement
Balance Taxable Capital Gains
The rate of tax is 20%.
The taxability would be as follows:
Full Value of Consideration
(It must be atleast equal
to Stamp duty valuation)
Less: Expenses on Transfer
Net Sales Consideration
Less: Indexed Cost of Aquisition
(Cost of Aquisition x Indexation of year in which property was aquired by previous owner/Indexation of year in which property was transferred to you*
Less: Indexed Cost of Improvement
Balance Taxable Capital Gains
The rate of tax is 20%.
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