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Village property sale
one property sold out situated in village as agriculture land which was inherited by assessees. Sale deed of this property is not available as same was purchase by their forefather. property was sold out on December 2023 and sale receipts was receive in their bank accounts.hiw can I deal with for tax purpose.
Replies (6)
Quick Summary
Ok but seems so obvious
Check if it is Rural agricultural land by measuring areal distance from nearby city/town. If so, there will be no tax liability over it.
Agricultural land in rural area if sold not subject to long term Capital gain tax.
Ok sir thanks all of you for your guidance.
You are welcome...
It's rural agricultural land
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