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Ancestors property

Others 235 views 2 replies

Rajat Sharma

Accountant

647 Points Posted on 24 August 2023

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)

Mahesh Shah

2478 Points Posted on 24 August 2023

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

sabyasachi mukherjee

Profession Business

28207 Points Posted on 25 August 2023

Urban or rural area within the municipal limits.

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