I have sold a land which was passed on to me by my father after his death. He had purchase the land 24 years ago. It is outside the muncipal limit. Now do I have to pay the capital gain tax on same?
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Capital gain
Replies (3)
You have not mentioned the nature of the land viz. where it is an agricultural or non agricultural land. In case of agricultural land there is no capital gains in case it satisfies certain criteria.
agreee with mr rajesh
hello
If it was not an agricultural land the cost of acquistion would be the cost of acquistion to the previous owner
In such case indexation would be admissible The base year for indexation would be which year
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