Sale of agriculture land

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2015 Assessee bought agri. land sometime 15 year back @ 9000/- and sell it in 2014-15 @ 850000/-. Under capital gain, it perhaps gain is not taxable. What else treatment in income tax, if any. please advice. Thanks in advance.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

20 April 2015 Please mention whether the land is Rural Agriculture Land. If so, no tax is payable by the assessee.
.
For ascertaining the same refer Section 2(14)(iii) of the Income Tax Act 1961.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 The land is rural agriculture land and it is well beyond 8km from muncipal limits as given u/s 2(14(iii) of the income tax act. Hence, it has no tax liability for the assesee at the time of sale.

Thanks Shri Bafna g.