12 years ago I bought some acres of agricultural Land now I am going to sell it for profit
What are the legal ways to avoid capital gains and how to mention it in ITR? I need a CA signature for it ?
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If the agricultural land is in Urban Area it will be taxable and capital gain tax has to be paid on it. However, you can claim indexed cost of acquisition and cost of improvement (if any) as deduction from the sale consideration.
If the agricultural land is in Rural area, its not capital asset as per IT act, hence no capital gain or no tax liability.
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