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Sale of agriculturalland

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Querist : Anonymous (Querist)
17 April 2013 can income from sale of agricultural land in cash can be deposited in bank,is it taxable??
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
17 April 2013 Yes, you can deposit it in Bank. Taxability of the sale of agricultural land depending on the place of situated of such land.
If such asset is situated at any one of the place below mentioned then the gain portion on such land it taxable for capital gain tax.

1) If the land situated in the village/town or city which population is more than 10000 as per the latest report as on the 1st day of such financial year beginning.

2) If the land situated with in 8 kms from any limits of municipality or corporation.

If such agricultural land satisfied any one of the above two conditions then such land is taxable for capital gain tax.

OM SAI SRI SAI JAI JAI SAI
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