Capital gain

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Arup de (Querist)
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03 May 2013 Dear sir,
I have a question about capital gain.Suppose Mr.A get some agricultural land from his father mr.B . mr.B also got those lands from his father.I mean these lands are all family asset.Now Mr.B is no more.Mr.A sell those land,now how to calculate capital gain from this type of selling,where no purchase value is avaiable.These lands are far away from urban area(mean more than 8 k.m).

Guest

Guest (Expert)

03 May 2013 if it is rural agricultural land then it is not a capital asset within meaning of section 2(14) and no capital gain arise on transfer of such asser

Arup de

Arup de (Querist)
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03 May 2013 Then, there is no tax on selling of any rural agricultural land?

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Guest

Guest (Expert)

03 May 2013 YES NO TAX ON SELLING RURAL AGRICULTURAL LAND

Arup de

Arup de (Querist)
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03 May 2013 Thank you sir. . .