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Capital gain
As an individual we have sold agricultural land (purchased long back) during this financial year whether it attracts long term capital gain
Replies (4)
If its rural agricultural land no capital gain will be attracted
if agriculture land is in rural area then it is not considered as capital asset hence no capital gain is calculated
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
detailed information required for calculation of tax liability. is he invested 49 lakhs or not?
if yes where?
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