LTCG on sale of Agricultural Land within Municipal Limits

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  1. jignesh g dholakiya

    jignesh g dholakiya New Member

    sir,
    i want to how calculate taxes above subject.
    like that i will sell agricalture land in city approx 1 crore, how much long term capital gain and how to manage money for min taxe will come.
    thanks
    jignesh
     
  2. hency

    hency New Member

    If the agricultural land is situated within the municipal limit, then the agricultural land would be chargeable to tax. Otherwise, it would be tax free.

    You can save tax by claiming Section 54B
    Exemption in Section54B is allowed to an individual and HUF in case of Capital Gain on transfer of agricultural land provided it is being used for agricultural purpose for a peroid of atleast 2 years just before the date of transfer and the land should be in urban area.
    Exemption shall be allowed if the assessee has purchased one or more agricultural land within a peroid of 2 years after the date of transfer of original land.

    You need to give more details like the cost of acquisition, brokerage, cost of improvement to calculate capital gains.
     
  3. jignesh g dholakiya

    jignesh g dholakiya New Member

    Sir,
    Thank you very much but how check the agricultural land is situated within the municipal limit, pls if possible give me detail for checking guide line.
    thanks
    Jignesh G
     
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