Sale of agriculture land

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2015 Assessee bought agri. land sometime 15 year back @ 9000/- and sell it in 2014-15 @ 850000/-. Under capital gain, it perhaps gain is not taxable. What else treatment in income tax, if any. please advice. Thanks in advance.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 April 2015 Please mention whether the land is Rural Agriculture Land. If so, no tax is payable by the assessee.
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For ascertaining the same refer Section 2(14)(iii) of the Income Tax Act 1961.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2015 The land is rural agriculture land and it is well beyond 8km from muncipal limits as given u/s 2(14(iii) of the income tax act. Hence, it has no tax liability for the assesee at the time of sale.

Thanks Shri Bafna g.

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