sir, i am selling my patrimony agriculture land. its govt rate is 20 lac/acre. but i sell at 57 lac/acre.
Is this taxable or not?
if yes then what tax i have to pay?
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Tax on selling agriculture land
Replies (6)
Quick Summary
It's rural agriculture land or urban ?
Rural area agricultural land.
Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable
It's exempt
It's exempt
Rural has different implications .
Sale of Rural agriculture land is exempt from tax
It is not a capital asset. So no capital gain on transfer of capital asset.
So it is exempted.
So it is exempted.
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