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Sale of land

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(Querist)
01 March 2012 will sale of land attract capital gain tax?
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Prasad Modak

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Prasad Modak (Expert)
01 March 2012 Yes, if it is NA land.

In case of Agriculture land you need to satisfy the conditions laid down in Income Tax Act, 1961, otherwise the gains are taxable.

However, you can also save the tax, by investing the gain amount into specified bonds.

With regards,

CA Prasad Modak
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anurag

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anurag (Expert)
01 March 2012 Agree with the expert.
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