I . have bought agricultural land at maharasthra state in 2005. Now i want to sale same land. Will i have to pay any kind of tax on the sale proceed or am i exempted from tax
06 December 2010
Hi, If the land is situated in a rural area, then no need of any capital gains tax. If it is a non-rural land, you have to pay tax.If you wish to invest the gain again in purchasing a agricultural land,then you can claim deduction.
CAclubindia
