Tax on agricultural land
This query is : Resolved
MOIN UDDIN
(Querist)
02 February 2020
If a person owns an agricultural land (ancestral) and from that land he sells a portion of that land . What will be the position of Capital gain?
Ca Neha Jain
(Expert)
02 February 2020
Sale of agricultural land is exempt from tax. If you have held the land i urban area than for more than two years, indexation benefit can be taken as it will be called a long term capital asset.
But if land is situated in rural area, you need not pay any tax on its sale.
Hope this helps!
But if land is situated in rural area, you need not pay any tax on its sale.
Hope this helps!
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