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capital gain tax on agri. land.

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(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.
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ankush joshi

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ankush joshi (Querist)
10 June 2009
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ankush joshi

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ankush joshi (Querist)
10 June 2009
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CA Nitin Wadhwani

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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%.
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