In 1998 rural agriculture land received by a person after death of his parents. agriculture was done on it but person sale his land in year 2009-10 at rs 13lac.
1-how to calculate initial value of land?
2-if there is profit what is tax treatment?
3-sale of land was done by bank transaction.. is there any need of showing in the scheme of undisclosed money and pay tax now... If yes then do explain please
1. Purchase value of the original owner (your parent/s.). OR circle rate value as of 1st April, 1981, whichever higher.
2. Its Exempted from any Tax liability.
3.No tax liabilty if RURAL Agricultural land. So no need to worry.
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