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Sale Of Agriculture Land
Sir, On selling of agriculture land of rural area whose market price under Rs250000 but actual selling price is under Rs150000, will be taxable for seller or not. A seller is selling this land then buying another land. And also give suggestions than how much Cash or online transaction should be required.
Replies (3)
If it is rural agricultural land, beyond specified area, any gain from its sell or transfer is not taxable.
Sell deed must not be below circle rate. And the amount should be received by cheque/DD/Online.
sir, if agricultural land is not a capital asset, then no cap gain shall arise at all. Then why it is required to execute sale deed at circle rate or above.?
| Originally posted by : Shivam gupta | ||
 |
sir, if agricultural land is not a capital asset, then no cap gain shall arise at all. Then why it is required to execute sale deed at circle rate or above.? |  |
Pls. Refer: section 56(2)(x)(b)(B)....... the words used are... "any immovable property,—"
(but not any capital asset !!)
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