Sale of Agricultural Land
This query is : Resolved
27 November 2019
Hi , if a person sells an agricultural land (for which there is no capital gains tax applicable ) for Rs 1 Crore but registers the property for 40 Lakhs ( which is above the circle rate or the guidance rate ) and the complete payment of Rs 1 crore is received through Cheques , is there any implication of tax , since income from sale of agricultural land cannot be taxed
27 November 2019
60 lacs received over and above 40 lacs will be treated as taxable capital gain and 20% tax payable on it.
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