Dear Experts,
One of my relative has sold inheritated agriculture land in april 2018 for Rs.2700000. The land is in rural area. Now my query is,
1.Does it attract a capital gain? if yes then how could we calculate a capital gain if purchase amount is not known.
2.What if, if it in urban area?
3.Do we need to show such amount while filling income tax return?
Thanks in advance.
If the transaction has taken place in April 2018, no need to do anything in ITR filing of AY 2018-19.....
Wait for next year filing ....
If the land is situated in RURAL area, than no tax liability
If in Urban area, capital gain tax liability will arise, which also includes advance tax liability..
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