Is it consider transfer sale of agriculture land? if yes how

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Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2011 is it consider transfer sale of agriculture Land? if Yes how calculate capital Gain Tax

anurag

anurag (Expert)
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12 December 2011 Keep in mind the provisions of section 50 C.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2011 but it is taxable on transfer of agriculture land

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anurag

anurag (Expert)
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12 December 2011 If the land fullfills the criteria of being agriculture land as per income tax act , than there will not be any LTCG on the sale of agriculture land.
Gujrat High court has provided guiding factors in case of
CIT vs Siffharth j Desai.