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Please clarify in details about applicability of capital gains tax on the sale proceeds of an agriculture land like it's payable on the sale of other property like a house or a commercial building.Requested response from qualified boarders only.Thanks.

2007-11-29 00:19:15 · 2 answers · asked by brkshandilya 7 in Business & Finance Taxes India

2 answers

Agricultural land is also taxable under the head Income from Capital Gains. But not all the lands. If the land are within 8 kms from the limits of a Municipality/Corporation or a Grama Panchayat which is having more than 10,000 population, then the Ag.land attracts Capital gains. If the lands are more than 8 kms away, then no problem and any amount of gain on it is fully exempt from tax.

2 years back my sun-in-law's HUF sold Ag.lands which were just 6km away from a municipality and paid capital Gains.

http://www.onlinebangalore.com/fina/tax/...

http://www.taxworry.com/2007/01/agricult...

http://www.thehindubusinessline.com/iw/2...

http://www.livemint.com/Articles/2007/02...

http://www.capitalmarket.com/CMEdit/stor...

2007-11-29 03:37:57 · answer #1 · answered by Anonymous · 0 0

well, you only want qualified answers, but maybe it can help, for what I understand if you have a gain in property you DO have to claim it, cause is revenue, if you have a loss, nothing you can do.... is like if you sell your car. you bought it for 5000 sold it for 300... tuff cookie...

2007-11-29 08:29:18 · answer #2 · answered by :) 3 · 0 0

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