banner_ad

Compute capital gain tax liability

199 views 5 replies
User Avatar

7 Points Posted on 22 July 2021
Mr.N and brothers purchased in common agriculture land in1975 and in 2014 they had partitioned the property as per registered deed.Two brothers 14.07.2021 sold their 3.36 acres( per acre 36,85,000.00)of land in one document and recived each.Want Capital Gain tax liability..

Please guide me



2012 partitioned document 1646/2012 dt.21.02.2012.
I hope the Aquiered value of each share of R N and R P,
Rs.10,09,980.00+ other registration and development Expenses.. please arrive C G Tax liability of individuals
Reply Share Follow
On 22 July 2021 at 09:30 Report
Replies (5)
User Avatar

student
76 Points Posted on 22 July 2021
First of all we have to verify that the document made for Agriculture land or commercial land.

if Agriculture land then it's not a capital asset.
so no question of capital gains.

if the sale deed is for commercial land then capital gains can be calculated.
Reply
On 22 July 2021 at 13:00
User Avatar

Chartered Accountant
86505 Points Posted on 23 July 2021
Sale of agriculture land situated in rural area is exempted under income tax.

CG liability arises only if property converted as residential or commercial property.

Also sale value required to calculate CG.
814 Reply
On 23 July 2021 at 06:46
User Avatar

7 Points Posted on 06 August 2021
If commercial property means how can we calculate cg liability
Reply
On 06 August 2021 at 10:56
User Avatar

Chartered Accountant
5010 Points Posted on 06 August 2021

A Rural Agricultural Land does not qualify to be a capital asset, hence no capital gains/loss arising on sale or transfer of Rural Agricultural Land.

8 Reply
On 06 August 2021 at 11:52
User Avatar

Chartered Accountant
86505 Points Posted on 06 August 2021

Check Below Link

https://www.bankbazaar.com/tax/how-calculate-capital-gains.H T M L

814 Reply
On 06 August 2021 at 13:11


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details