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 .
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 .
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- Transporter Declaration form
- Copyright software
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- RULE 86B APPLICABILITY IN QRMP TAX PAYER
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
