Capital gains on taxation of urban agrl land

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2013 One of my friends sold a land (for 3.2 crores) which was used for agricultural purposes (now left barren). The land was co owned by eight of them,sons and daughters, inherited from their father by a settlement deed.The price shown in settlement deed is Rs.30,000/- in 1991.The land is situated inside municipal limits.I am confused about their status, ie; whether they will be assessed for LTCG, if so as AOP or individually. They had inherited the agrl land from their father.Is it advisable to pay advance tax instals and file return for the AY 2014-15 before July 2015, or wait for a notice

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2013 Please enlighten me on this issue

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2013 Please enlighten me

Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2013 Not resolved

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