Capital gains on agricultural land
This query is : Resolved
VANGARI GANGA RAJAM
(Querist)
22 April 2013
I have purchased an Agricultural Land in the year 2011 and it is situated in a village. Now i want to sell the property. Shall I have to pay the Capital Gains Tax ? Whether Agricultural Land are exempted from Short Term Capital Gains ? please clarify me in this regard
CA VISHNU GAVKARE
(Expert)
24 April 2013
If that land falls out side specified area then no capital gain to be paid. Just check is there any cantonment board like BMC in that village or panchayat looks after it.
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VANGARI GANGA RAJAM
(Querist)
25 April 2013
thank you sir,
whether short term capital gain is also exempted when we sold the Agricultural land ?
whether short term capital gain is also exempted when we sold the Agricultural land ?
CA VISHNU GAVKARE
(Expert)
25 April 2013
When the land is out of definition of capital asset question of capital gain does not arise, whether long term or short term.
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