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income tax

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(Querist)
04 August 2009 ihave purchased 3 acres of an urban agricultural land on 15-06-2004 by a payment of rs 2lacs per acre,and spent rs.60000/-to devp.authorty in 2007,rs100000/ at bangalore for to get permission for use of land for non agriculture purpose now i have deciced to sell on 05-08-2009,all the 3 acres of land to one sri vigneshwar griha Nirman Sangha consists of 40 members therin iam also one of the member & chairman also .what type of taxes i have to paytothe income tax dept.what type of tax burden will on the Vigneshwar griha nirman sangha if they have under taken to develop and allot the plots its members
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
18 May 2012 The income will be taxable under the head capital gain.

Long term capital gain will arise on the sale of the land.

Rs. 6 lakhs will be the cost of acquisition.

Rs. 60,000 and Rs. 1 lakh shall be cost of improvement.

The cost of acquisition and cost of improvement shall be indexed for computing capital gain.
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