Dear Experts,
When I was very young, a property (rural site as marked as agricultural land in deed document) was bought by my parents in my name. It is 33+ old. Now the area comes under residential control of a Town Municipal Corporation. So I guess that the agriculture land tag has been removed.
Now I intend to sell it. So does it come under Long Term Capital Gains?
Thanks for the clarifications.
Regards,
Harsha Vardhana R
You are required to show the amount specified in the sale deed in your ITR. What is the issue here? You are getting the price for the property which is less than the stamp value? If that is the case, then the difference between the two will become taxable as income from other sources.
Thank you, Mihir!
If I mention the lower (actual) value, you are clarifying that difference shall become "income from other sources". Tax on that can be even higher than 20% flat on LTCG. Also IT folks may suspect me!
Anyway, let me concentrate on Income than taxes!
Have a great Diwali!.
Regards,
Harsha Vardhana R
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