If any lady sales her agriculture land for 12 lakh
she have no other source of income. Is this income taxable? if yes under which head. what will be liability?
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tax liability
Replies (2)
Rural agricultural land in India is not a capital asset there by no call capital gain tax on such transfer.
Whereas the agricultural land is situated in urban area which is not excluded from the definition of capital asset as a result would attract capital gain tax on transfer of such urban agricultural land.
Whereas the agricultural land is situated in urban area which is not excluded from the definition of capital asset as a result would attract capital gain tax on transfer of such urban agricultural land.
capital gain head .. benefits of slab also available if she is resident..tax rate 20% + cess 4%
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