04 July 2010
I have received as a gift a plot of agricultural land from my wife (1500sqft) on 10-Jan-2007. Am I, therefore, liable to pay any tax at a future date of sale? Kindly send me all details reg. this. Thanks, -Raju
05 July 2010
if it is situated in the municipality area or within 8 km of municipal limits as specified under the act on sale of land capital gain tax shall be payable. if agricultural activities are performed on the land in two preceding previous years and new agricultural land is purchased within two years as per section 54B, capital gains is exempt to the extent of investments as specified under that section. in case of long term capital gains other exemption are available in secition 54 etc.
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