Capital gain
This query is : Open
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).
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
03 May 2013
Then, there is no tax on selling of any rural agricultural land?
Guest
Guest
(Expert)
03 May 2013
YES NO TAX ON SELLING RURAL AGRICULTURAL LAND
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