Tax on agriculture land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2013
Sale of Agricultural Land In village Talegaon, Taluka Murbad,

Purchase value-27500
Purchase Date - 29-04-11

Sale Value - 562000
Sale Date - Oct-12

This is Short Term gain or Long Term Gain
Taxable or Not Taxable

CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 September 2013 No, No Capital Gain Tax on on Transfer of Rural Agriculture Land... subjected to some conditions...

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2013
Dear Sir

Which Condition?

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 September 2013 Section 2(14)(iii) defines the agricutural land as under: Agricultural land in India, not being land situate—

(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or

(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 September 2013 If any of the conditions are not satisfied then its subjected to Capital Gain Tax and exemption can be claimed U/S 54B..

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2013
Thanks sir

Regards