Mr.N and brothers purchased in common agriculture land in1975 and in 2014 they had partitioned the property as per registered deed.Two brothers 14.07.2021 sold their 3.36 acres( per acre 36,85,000.00)of land in one document and recived each.Want Capital Gain tax liability..
Please guide me
2012 partitioned document 1646/2012 dt.21.02.2012.
I hope the Aquiered value of each share of R N and R P,
Rs.10,09,980.00+ other registration and development Expenses.. please arrive C G Tax liability of individuals
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Compute capital gain tax liability
Replies (5)
First of all we have to verify that the document made for Agriculture land or commercial land.
if Agriculture land then it's not a capital asset.
so no question of capital gains.
if the sale deed is for commercial land then capital gains can be calculated.
if Agriculture land then it's not a capital asset.
so no question of capital gains.
if the sale deed is for commercial land then capital gains can be calculated.
Sale of agriculture land situated in rural area is exempted under income tax.
CG liability arises only if property converted as residential or commercial property.
Also sale value required to calculate CG.
CG liability arises only if property converted as residential or commercial property.
Also sale value required to calculate CG.
If commercial property means how can we calculate cg liability
A Rural Agricultural Land does not qualify to be a capital asset, hence no capital gains/loss arising on sale or transfer of Rural Agricultural Land.
Check Below Link
https://www.bankbazaar.com/tax/how-calculate-capital-gains.H T M L
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