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sale of agricultural land

Arun Bajpai (3 Points)

20 August 2017

my uncle received agricultural land from his forfather situated in urban areas pls tell me tax compliance on that sale

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CA Raj Doshi (Practising CA) (8723 Points)
Replied 20 August 2017

Capital Gains on the sale of urban agricultural land in India is taxable. Cost of asset shall be cost to previous owner and indexation benefit available if it is a long term capital asset. period of holding shall include period of holding by previous owner.

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Studentsca (CA Practice ) (3577 Points)
Replied 20 August 2017

Inheritance is not taxable transfer.

Urban Agricultural Land will be taxable at the time of sale of land.

However there is exemption u/s 54B after fulfilling its conditions.

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Arun Bajpai (3 Points)
Replied 20 August 2017

which is the basic price for cost of property if it is not identified purchase price of assets bcoz it is many decades not purchased only transfer from one to another