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Ancestors property
With due respect I want to know from your authority that I am in possession of ancestors agriculture land and this agriculture land comes under the municipality area .sir I want to know can I am liable to pay the capital gain on sale of my ancestors agriculture land Thanks
Replies (2)
Quick Summary
Pl reffer sec 2(14) of income tax act for tax on agriculture land municipal area limits
if it fits under above definition then taxable in your hands
if it fits under above definition then taxable in your hands
Urban or rural area within the municipal limits.
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