Sale of Agricultural Land

Sale of Rural Agricultural Land is tax free....

No tax impact on the second one

capital gain on sale of agricultural land is exempt from tax provifde your father has used it for agricultural purpose only for atleast 2yrs .

as far as prepayment of home loan is concerned , there are no tax implications involve but you can do so as per the agreement between you and the financial instituion fom which you had taken the loan

sec 2(14), capital Assets doesnot cover agreeculture land which is in rural area, it is exception to the defination of capital Asset therefore no tax on the above item....

Ans 1 If ur agricultural land fits in defination of rural agricutral land as defined in INCOME TAX ACT thn its exempted u/s 10(37) if all d conditon metioned ther r  fulfilled.

Ans2 No tax fr suc transaction.

sec 2(14), capital Assets doesnot cover agreeculture land which is in rural area, it is exception to the defination of capital Asset therefore no tax on the above item....

Thanks everyone!

ekdum true ...

agricultural land is free from tax and also the capital gain is exempt in this case .
 

 Exempt, no implications

Agriculture land in rural area is not a capital assets so no  there is no question of capital gain.  Because capital gain arises when a capital asset sold.

Everybody here is saying exempt ....., But it is exempt only If agricultre land is in RURAL area.

My frend Abhinav, Is that land situated in rural area?

if yes then there will not be any tax implication on sale of the same.

Thanks.

tq for posting valuble information