Tax on sale of agriculture land
This query is : Resolved
21 September 2012
We had sold a agriculture land situated at village, which was purchased in 1951-52 by my parents.the village is under gram panchayat and 9.1 km from the municipality limit.we sold the land in 2010-11. what is our tax liability.
21 September 2012
It is not a capital assets according to the section 2(14) of Income tax act. So gain on non-capital assets exempted to tax so no tax liability to you.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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