Sale of Agricultural land
This query is : Resolved
20 June 2011
The company has sold an agricultural land at profit(as is evident from the sale deed). Now, the question is that whether capital gain tax is attracted or not? If yes, by which provision/section of the Income tax Act?at what rate?
20 June 2011
FOR THE PURPSOES OF THE ACT AGRICULTURAL LAND IS CAPITAL ASSET ONLY IF IT SI SITUATED WITHIN THE JURISDICTION OF A MUNICIPALITY OR WITHIN SPECIFIED DISATNACVE FROM THE MUNICIPALITY(REF NOTIFICATION NO 9447 DT 6-1-1994)
IF THE LAND IS SO SITAUTED THAN TRANSFER WILL GIVE RISE TO CG IF NOT THEN NO CAP GAIN
PL SHARE DEATILS
CA MANOJ GUPTA
JODHPUR
09828510543
IF THE LAND IS SO SITAUTED THAN TRANSFER WILL GIVE RISE TO CG IF NOT THEN NO CAP GAIN
PL SHARE DEATILS
CA MANOJ GUPTA
JODHPUR
09828510543
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-3 File/Error Found
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
