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Sale of agricultural land urgent

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 August 2013 Sir
I was sell the agricultural land situated in village which is a Mandal not city.
Is there any tax payable under any law.

Thanks in advance.
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Ganeshbabu K

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Ganeshbabu K (Expert)
22 August 2013 YES,,IF IT IS RURAL AGRICULTURAL LAND...IT IS NOT CAPITAL ASSET VIDE SECTION 2(14)

ACCORDINGLY TRANSFER WILL NOT ATTRACTS CAPITALGAINS TAX
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