kind attention
What is the tax implication of sale of non -agricultural land by individuals
Thanking you
Murali Srinivasan
4 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 01 September 2013
If you have held property for less than 3 years, there will be short term capital gain @ 15.45%
If you have held property for more than 3 years, there will be long term capital gain @ 20.36%
Chinnu Raj
(CA Final Student B.Com)
(1067 Points)
Replied 01 September 2013
Agreed with Mihir............
CA Deepika Jain
(Working on Assignment Basis)
(34 Points)
Replied 03 September 2013
Dear Murali,
on sale of Non agricultural land there arises income which is chargeble under the head Capital Gains.
If land is held for 3 years or less then there arises Short Term Capital Gain which is chargable to Tax at normal rate of income tax according to the Slab
If held for more than 3 years the Long term capital gain chargeble to Tax @ 20%+3% cess.
Regards
Deepika Jain
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 03 September 2013
Agriculture Land other than rural treated as a capital asset and on transfer of such land any gain arising is chargeable to Capital Gain Tax...
If such land held for more than 36 months or 3 yrs then on transfer it will be a long term gain and taxed @ 20 percent plus Cess..
If such land held for less than 36 months or 3 yrs then on transfer it will be a short term gain and taxed @ 15 percent plus Cess..
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