12 years ago I bought some acres of agricultural Land now I am going to sell it for profit
What are the legal ways to avoid capital gains and how to mention it in ITR? I need a CA signature for it ?
4 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 20 May 2019
whether in rural area or urban area
Zeal Bangdiwala
(Partner at N. Gamadia & Co.)
(363 Points)
Replied 20 May 2019
If the agricultural land is in Urban Area it will be taxable and capital gain tax has to be paid on it. However, you can claim indexed cost of acquisition and cost of improvement (if any) as deduction from the sale consideration.
Pritesh Mukharjee
(accountant)
(261 Points)
Replied 20 May 2019
If the agricultural land is in Rural area, its not capital asset as per IT act, hence no capital gain or no tax liability.
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