Sale of agricultural & non agricultural land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 November 2017
We have an inherited Land which was transferred to us 12 years before, it was an agricultural land, if we wish to sell are we liable for Long term capital gains, if yes how much percent tax are we liable to pay? how can we get exempted? Can somebody guide in both the circumstances (Agricultural and Non-Agricultural land)
ABHIMANYU JHAMBA
(Expert)
16 November 2017
Various factors need to be analysed. The entry in the revenue records,distance from municipality etc. If it happens to be an agricultural land and also satisfies other aspects, no tax would be payable. Else there will be long term capital gains.
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