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Is capital gains tax payable on sale of agriculture land?
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.
2 Answers
- Anonymous1 decade agoFavorite Answer
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...
- 1 decade ago
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...
