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Regarding Capital gain

Rajat Sharma (Accountant ) (564 Points)

29 November 2018

Sir I have a Agricultural land out of Municipal area and now I have sold this agri. land,Sir I have liable to pay the capital gain tax.

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194843 Points)
Replied 29 November 2018

No. if its beyond specified distance as per the act......

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Rajat Sharma (Accountant ) (564 Points)
Replied 29 November 2018

Sir Thanks very much

Hari Sripada (101 Points)
Replied 29 November 2018

It depends upon whether it is rural or urban land
if it is rural - it is not capital aaser, so no capital gain will be charged.
If it is urban - completely taxable.

To get insight about whether it is rural or urban follow this link

https://help.myitreturn.com/hc/en-us/articles/219728847-What-is-an-urban-agricultural-land-