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 .
CA Vinay Gandhi
(Expert)
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.
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