1) What is the TDS on sale of Agriculture land situated outside MC limit but is within 10 Km from MC boundary?
2) Also, My grand mother bought this land and later gifted it to my uncle(tau ji) who as family settlement gifted this to my father...now whats should be purchase price for my father if my grandmother bought it for 5 lakh in 2003?
3) capital gain if this is now sold for 55 lakh?
thank you in advance
1. If this land is actually agricultural land, then TDS is not applicable
2. in this case, the cost of acquisition is the cost to your grandmother i.e. 5 L
3. no capital gains will be chargeable on the agricultural land
CAclubindia
