Sale of agriculture land in rural area
This query is : Resolved
MITHUN GUPTA
(Querist)
11 September 2015
hello sir,
I have the query related sale of agriculture land in rural area.
a farmer sale a agriculture land to builder at more than Rs. 4 crore. than what the effect should do in ITR Filling.
please reply sir very difficult for how file this.
Rajesh Kumar
(Expert)
11 September 2015
It is a simple case of capital gain. Tax on Capital gain can be saved by following procedure prescribed in Section 54B of Income Tax Act. The assessee is required to purchase agricultural land within three years.
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