Capital gain on sale of agrictulture land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2016 What is the tax liability on sale of agriculture land?
How to calculate cost of index for agriculture land inherited from forefathers?
How to make it tax neautralize the tax on sale of agriculture?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

20 May 2016 urban agricultural land : the capital gain arising from such lands is taxable.
you can take the value as on 01/04/1981, if the land is owned by your ancestors before that date
you can opt for exemptions to make it tax neutral

Rupesh Jain

Rupesh Jain (Expert)
Follow

20 May 2016 if it is in rural area then its tax free no tax will be give. if it under miunicipal limit then you have to give capital gain tax. for tax saving u/s 54B you have to buy another agriculture land.

Upgrade to CAclubindia Pro. Subscribe Now!