I own 20 cents of agriculture land suitable for plots in rural Andhrapradesh. This is ancestral property inhertited by me from forefathers.This land is registered in my name as per partition deed executed in 1991.Please advise me whethewr I have to remit the capital gain tax on sale of this property.The value of the land as per partition deed is Rs.600/-
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Capital gain tax on sale of inherited agriculture land in rural Andhrapradesh
Replies (1)
No tax is applicable on capital gain from sale of rural agricultural land. Just ensure that it is in rural area as per the definition of income tax act.
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