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Capital Gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 June 2010 A person sold a agriculture land to Rs. 14 Lakh. The market value is Rs. 19 Lakh. For this transaction Sec. 50C is applicable?
2) THe land is out of municipal limit of the town. The Capital gain tax is applicable?
Pl reply urgent;
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mohinder kansal

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mohinder kansal (Expert)
22 June 2010 BEING AGRICULTURAL LAND , NOT TAXABLE NO NEED TO WORRY ABOUT SECTION 50

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