Sale of urban agricultural land

This query is : Resolved

JAYAKUMAR.M.G

JAYAKUMAR.M.G (Querist)
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14 March 2014 Sir
One of my clients sold 18 cents of urban agricultural land acquired by him as ancestoral property for Rs 18 Lakhs during July 2012. He purchased 150 cents of agricultural land during the year 2012 for Rs 825000.Whether he is laible for long term capital gain if the market Value of the land for 1980-81 is Rs 90000.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 March 2014 there will be some taxes. based on info provided, the capital gains should around 10.33 lakhs. you will get exemption for Rs 8.25 lakhs...the remaining 2.08 lakhs shall be taxed.

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