Taxability on sale of agricultural land fy 2012-13
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 March 2013
I want to Know taxability on Sale of Agricultural Land during FY 2012-13. Please help
Dintakurthi Tirumala
(Expert)
27 March 2013
Is that agricultural land is rural or urban land.
Rural land means: Such sold Agricultural land doens't situated with in 8kms from the local limits of any muncipality or corporation and the population of the village at where the land situated doesn't exceede 10000 as on the 1st April 12 as per latest censues report.
Thus if such land is situated with in 8 kms from the local limits of any municpality or coproration or situtate in a village/city where the population is more than 10000 of that land situated village then such land is called URBAN Land.
So if the land is rural agricultural land then capital gain sale of such land is exempted to tax. If it is urban land then liabile to capital gain tax.
OM SAI SRI SAI JAI JAI SAI
Rural land means: Such sold Agricultural land doens't situated with in 8kms from the local limits of any muncipality or corporation and the population of the village at where the land situated doesn't exceede 10000 as on the 1st April 12 as per latest censues report.
Thus if such land is situated with in 8 kms from the local limits of any municpality or coproration or situtate in a village/city where the population is more than 10000 of that land situated village then such land is called URBAN Land.
So if the land is rural agricultural land then capital gain sale of such land is exempted to tax. If it is urban land then liabile to capital gain tax.
OM SAI SRI SAI JAI JAI SAI
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