Tax on sale of land

This query is : Resolved

karthika (Querist)
Follow

29 June 2022 My father in law is selling his agricultural land , I wanted to know about the capital gain implications. The agricultural area is in rural area so I believe there is no tax , but I have few doubts :
1. He also has a piece of land ( containing pond and the other area is lying idle and has few coconut trees and other plants ) how about the tax for that piece of land .
2. The seller has asked if father can except cash , if yes till how much is permissible ?
3. How to show in itr and which itr is to be filed

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

29 June 2022 Yes, agricultural land in rural area is exempt from tax.
1 It will be considered as agricultural land exempt from tax.
2 No cash permissible for sale value exceeds 20,000.
3 File ITR 2 show it in exempt income schedule.

karthika

karthika (Querist)
Follow

29 June 2022 Thank you so much sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

mahendra zaveri

sachingurav

velichety.l.narasimharao

Mukund Thakur

shubham agrawal

Subscribe Now

Tax on sale of land

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Senior Executive

Manager- Finance and Compliance

GST CONSULTANCY

Accountant