Sale proceeds of agricultrural land
This query is : Resolved
02 February 2012
Dear Experts, Please inform whether sale proceecds of agricultural land received from grand parents, is taxable under incom tax, if yes please inform the taxable value.
02 February 2012
If the land is situated in a rural area- on sale of such land there is no tax liability.
.
In case , when the land is in Urban area, Capital Gain will arise.
.
The cost to the grand parents, or if they had purchased the land prior to 1.4.1981,
market value as on 1.4.1981 has to be considered as the cost of acquisition(COA).
Indexation of COA can be done while computing the capital gains. Previous owners period of holding will be considered.
.
By purchasing another agriculture land of the value of Capital Gains, you can save tax liability also.
.
.
In case , when the land is in Urban area, Capital Gain will arise.
.
The cost to the grand parents, or if they had purchased the land prior to 1.4.1981,
market value as on 1.4.1981 has to be considered as the cost of acquisition(COA).
Indexation of COA can be done while computing the capital gains. Previous owners period of holding will be considered.
.
By purchasing another agriculture land of the value of Capital Gains, you can save tax liability also.
.
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