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Capital gains

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(Querist)
24 November 2012 Hi

Want to sell a piece of agricultural land. Please let me know on following

1.Documentation in gram panchayat
2.Applicable section in IT so that tax can be minimized

Thanks in advance
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
24 November 2012 In case you are having documents of the land
contact an advocate providing services of Registration of Land Documents at your Taluka or Tehsil Registrar Office.
He will guide you for the papers required.
.
It seems that the land is a rural agriculture land so it will not attract the provisions of Capital Gains Tax.
.
In case of a rural land you may refer Section 54B of the Income Tax Act for availing exemption.
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CMA Omkar.TIlve

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CMA Omkar.TIlve (Querist)
26 November 2012 Thank you very much for that guidance

What if I only sell the land and want to use that money else where

will it still be taxed
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