LONG TERM CAPITAL TAX ON ASSET

IF I sold N.A. Agricultre land in 150000000/- in Aug'24, and as per valuation report land value in 2001 is Rs. 60000000/- so how much capital gain tax I have to pay ? Also i want to know how much amount i have to deposit in capital gain tax bank account ? 

Replies (3)
Quick Summary
This discussion clarifies capital gains tax on the sale of agricultural land. It explains that agricultural land in rural areas is generally not considered a capital asset, meaning no capital gains tax applies. The example provided shows that if the land's 2001 valuation meets circle rate requirements, there's no capital gains tax liability, and no deposit is needed in a Capital Gains Tax Account (CGAS).

  1. No LTCG tax liability, provided the valuation of 2001 is as per circle rate.
  2.  No need to deposit any amount in CGAS acc.

Agriculture Land situated in rular area is not a capital assets. So capital gain will not arise on sale of above land.

If there is no capital gaintax then no capital gain arises.

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