sir my friend have agriculture land in the town, know the started bypass road in middle of land, government has paid rs.16 lakhs through RTGS, the above
land is ancestors property, now 16 lakhs we have pay long-term capital gains
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Income tax
Replies (8)
Quick Summary
If inherited before year 2000-2001 then take Fair market value (FMV) of asset on 01.04.2001 as your cost and apply indexation on it. Take the help of property valuer for taking out FMV of 01.04.2001
Capital gain on compensation received on compulsory acquisition of urban land is exempt from tax
just show it in exempted income session with the particular words written on the bank passbook in which you get money
just show it in exempted income session with the particular words written on the bank passbook in which you get money
If the acquired land is rural agricultural land then it's exempt and if it is urban agricultural land, subject to conditions it is exempted under section 10(37)
We can claim exemption under 10(37) provided consideration is approve by RBI
Its agricultural land & used for agricultural activities , and 2 km away from the locality , its wholly exempt from tax !
Please confirm
Please confirm
Yep you have to pay LTCG on acquisition of land by govt
Please name the nearest municipality or city or town situated near your agriculture Land
any agricultural land which is in 10 km radius of town is considered as urban land
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