23 September 2010
I SELLING MY AGRICULTURL LAND FOR Rs. 20 LAKH WHICH IS BEING CULTIVATED. THIS LAND IS INHERRITED BY ME ON THE DEATH OF MY MOTHER. IT WAS INHERRITED / HELD BY HER ON THE DEATH OF MY FATHER. I ALREADY HAVE MADE AN AFFIDAVIT THAT THE SAID LAND MAY BE ASSUMED AS PROPERTY OF MY HUF ON JANUARY 2010. NOW I AM APPLYING FOR PAN OF SAID HUF. I WANT TO DEPOSIT THE AMT OF COSSIDERATION OF LAND INTO BANK . PLEASE GUIDE ME WEHETHER IT WILL ATTRAT CAPITAL GAINS TAX ? IF THE LAND IS SITUATED BEYOND 10 KMS. FROM MUNICIPALITY AND WITHIN GRAMPANCHAYAT JURISDICTION IF HAVING POPULATION MORE THAN 10000. CAN EXPERTS GUIDE? THANKS IN ADVANCE
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