Capital gains
This query is : Open
CMA Omkar.TIlve
(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
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
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.
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.
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
What if I only sell the land and want to use that money else where
will it still be taxed
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