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Capital gain

09 December 2017

As an individual we have sold agricultural land (purchased long back) during this financial year whether it attracts long term capital gain

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4 Replies

Rakesh Bandal (Self Employed and Agriculture) (1349 Points)
Replied 09 December 2017

If its rural agricultural land no capital gain will be attracted

CA Nikita Motwani (Chartered Accountant) (912 Points)
Replied 09 December 2017

if agriculture land is in rural area then it is not considered as capital asset hence no capital gain is calculated

Prakash Rao (226 Points)
Replied 09 December 2017

My brother purchased building 2001 for Rs 33000March subsequently some improvement purposes he spend 650000 and further he spend 11lacs in the year 2005-2006by taking from banks and finally he sold for Rs 49 lacs in the year 2016 March 2016pl suggest me long term tax to be paid .further pl note that his income is 54000 and his age is 65yrs(he is filing it return in this month please suggest the tax to be paid