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 ?
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LONG TERM CAPITAL TAX ON ASSET
Replies (3)
- No LTCG tax liability, provided the valuation of 2001 is as per circle rate.
- 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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