Agriculture land
Querist : Anonymous
My grand father have three brother received agriculture land in 1950 from some relatives free of cost. now all three grand father died and now financial position of relative (who give land free of cost) is so bad. I and my brother (3 individual) have legal heirs of such land and want to sell the agriculture land and amount received from such sell will 60 lakh individually 1.80 cr gross, will any tax liability as per Indian Taxation Rules of My hand or that relative hands if yes what is the rate
please specify and give suggestion for the same. can we save tax for the same and how.
Secondly, the taxability in your case shall be determined based on whether the agricultural land is situated in rural area or urban area.
If the agricultural land is situated in rural area, the gain on its sale shall be completely exempt from tax as rural agricultural land is not a capital asset. If the agricultural land is situated in urban area, the gain on its sale shall be chargeable to tax on long term capital gain (as the holding period is more than 3 years) at the rate of 20% on the capital gain. The tax can be avoided by investing the gain amount in another agricultural land under section 54B or specified bonds under section 54EC or by investing the sale proceeds in residential property under section 54F of the Income Tax Act.
Querist : Anonymous
Querist : Anonymous
Querist : Anonymous
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