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Profit on sale of agriculture land

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(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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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