Income tax selling agricultural land
This query is : Resolved
10 December 2020
I want to sell our agricultural land for 1 crore which is above the guidance value of 25 lacks. Do i need to pay any tax? If yes, how much tax i need to pay? My buyer wants pay entire 1 crore as bank transfer.
CA Pawan Koradia
(Expert)
10 December 2020
Agriculture land is not capital asset as per definition of Capital Assets. You need to just show receipt from sale of it in ITR under exempt income.
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