sir we are selling 1 bigha land to a person...it is inherited land .this land is used by us as an agricultural land till now and it is located in rural area...so i want to ask that when we will get the amount ,what will be the tax criteria for it ...and if there will be no tax for 2 years, will it be neceassary to buy another land or we can spend that money on some other work.?
my second question is that as we are selling land 20lakh and our dealer is directly forwarding that land
to the third person by us...so he saying at the time of registry the registrar will calculate the value of that land and it will be around 40lakh , so you have to say that you have sell this land in 40 lakh...but circle rate here is around 15lakh..so if we will say yes...will we have to face its consequences or we will be tax free ever as it is inherited agricultural land.?
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regarding income tax on selling of inherited land
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No need to pay tax on sale of rural agricultural land and no necessity to buy another land. Rural agricultural land is not at all a capital asset under Income tax act. But ensure that it is a rural agricultural land as per section 2(14)(iii)(b).
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