Tax on sales of agricultural land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 October 2010 Good morning ,

I . have bought agricultural land at maharasthra state in 2005. Now i want to sale same land. Will i have to pay any kind of tax on the sale proceed or am i exempted from tax

Please help me on it .

CA Vinay Gandhi

CA Vinay Gandhi (Expert)
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06 December 2010 Hi,
If the land is situated in a rural area, then no need of any capital gains tax.
If it is a non-rural land, you have to pay tax.If you wish to invest the gain again in purchasing a agricultural land,then you can claim deduction.

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