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If i sale agriculture land in city (nagar palika) how much t

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 March 2012 if i sale agri land in city (nagar palika) at rs 3500000/- how much tax have to pay i have purchased land in 1978 or how can i save tax can i save tax in huf file
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daya shankar singh

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daya shankar singh (Expert)
12 March 2012 If it is covered under agriculture land, then there is no requirement for the payment of tax.
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CA Dileep Surya Kumar

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CA Dileep Surya Kumar (Expert)
12 March 2012 Agriculture land which is being situated in urban areas covered under the definition of capital asset.
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Amount of tax depends on the market value of land on 1980.
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You can save your tax by buying another agriculture land or a residential House property or REC/NHAI bonds..
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