Profit on sale of agriculture land
This query is : Resolved
SANJAY KUMAR AGARWAL
(Querist)
28 November 2012
Is there any tax Liabilty of Capital Gain Tax, On the profit on Sale of Agriculture land.If Yes at what rate.
28 November 2012
If the agricultural land is situated in a RURAL area, then there is NO tax liability.
If, however, the agricultural land is situated in an urban area, then capital gain shall arise on the transfer of such land.
If, however, the agricultural land is situated in an urban area, then capital gain shall arise on the transfer of such land.
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