Capital Gain Tax on Agricultural Land

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  1. aschandrawat

    aschandrawat New Member

    Dear,
    I am a proprietorship firm living in municipality town Manasa population is 26000. I have purchased a agricultural land in 2008 for Rs. 262000/- . condition of that land is as follow :-
    1. location of that land is 6 Km. from Municipality.
    2. Land come under a Gram Panchayat that's population just 3000.
    3. Still a agricultural land in record, because crops growing and cultivation going on.
    4. Nearest land is also a agriculture land.
    5. Not any Highway up to 6 km.
    6. Singal road is 2 km away from land.
    7. not any industry, warehousing up to 4 km.
    after purchasing now the value of that land is 1671000 according to govt rate. now I am going to sell that land in same as Govt value(1671000).
    please suggest me does that land is capital asset? does I have to pay Capital gain tax?
     
  2. Mahesh0321

    Mahesh0321 New Member

    Dear Friend,
    I do have the same situation, Where the agriculture land i am planning to sell is located far away from Municipality. I heard if we are selling agriculture land which is located in certain conditions as you explained comes under tax exemption. But no one is able to give me the correct details regarding this capital gain tax.
    As you have already posted this query and faced the same situation, can you send me any updates or information you have gathered so far.
    Regards
     
  3. aschandrawat

    aschandrawat New Member

    Dear Mahesh, I got solution of my situation, I visited many CA and other Law consultant but all that given me wrong advice. I finally search my self and visit at Income Tax Department and Read about Financial bill 2013-14. then i got my reply. I am happy to help you please reply with all detail of your land and situation as like my previous post I will clarify matter as i know.
     
  4. Mahesh0321

    Mahesh0321 New Member

    I am trying to find out whether my land comes under rural agriculture land or urban agriculture land. Thank you. I will come back for your help
     
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