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sale of agricultural land
my uncle received agricultural land from his forfather situated in urban areas pls tell me tax compliance on that sale
Replies (4)
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.
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.
Urban Agricultural Land will be taxable at the time of sale of land.
However there is exemption u/s 54B after fulfilling its conditions.
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
You can take the fair market value as on 1st APRIL 2001 from a registered valuer and compute the capital gains accordingly.
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