capital gain tax on agri. land.
This query is : Resolved
ankush joshi
(Querist)
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.
ankush joshi
(Querist)
10 June 2009
ankush joshi
(Querist)
10 June 2009
CA Nitin Wadhwani
(Expert)
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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