Dear Sir
is TDS Applicable or not On Purchase of Agriculture Land ?
Thanks
Anoop Jain
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Is TDS Applicable On Purchase of Agriculture Land
Replies (13)
Quick Summary
No tds is applicable for purchase of agriculture land.
Any person purchasing immovable property ( other than rural agricultural land) of Rs. 50 lac or more is required to deduct tax @ 1% from the payment made to seller. This new rule (Section 194IA of the Income Tax Act) introduced in the budget this year, is applicable from June1, 2013
Agriculture Land is specifically excluded
Agriculture Land is specifically excluded
Agriculture per kitne percentage tax lgta
Tax is not applicable on rural agricultural land
If rural agriculture land then only TDS not applicable.
If it is urban agriculture land and sale value exceeds 50lakhs then Tds @ 1% u/s 194IA is applicable
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Dear Sir,
My boss purchased urban agricultural land of 3 acers in the year 2007 for Rs. 7.6L, and sold the same land on April 2021 for Rs. 82.22L. Also he didnt invest that amount any were till date.
What is the tax amount on capital gain? and if we pay the tax on Aug'2022 what is the interest.
You need to pay total tax of 14.35 lakhs
@ Anoop,
You didn't give information about rural or urban agricultural land
You didn't give information about rural or urban agricultural land
He already saidurban agricultural land
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