06 April 2019
If someone who is 65 years old is willing to sell her inheritance agricultural land. Does she need to pay any tax or how it can be avoided? She needs the money to pay back her various debts. She does not have any taxable source of income.
07 April 2019
Whether the agriculture land is a rural ag. land then she is not required to pay any tax. . However, the land is located in urban area then she may have to pay LTCG tax after taking the slab benefit of Rs 2.50lac, I presume that she does not have any taxable income. . Further she will get indexation benefit on cost of land or the fair market value as on 01.04.2001. .
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