Agricultural sale
gopal
(Querist) 03 October 2013
This query is : Resolved
Dear Respectable Experts,
our family have some agricultural lands, due to the need we decided to sale the property.
after selling the agricultural lands
is it income tax is applicable for Agricultural lands sale?
if so , is there any concession for sale of agricultural lands?
kindly provide the info so that we can ask the buyer to afford the taxation amount
Thanks and regards
gopal
Advocate Ramesh
(Expert) 03 October 2013
Income tax is nothing but regarding your income. As for as land sale is comes under capital gain. Since it is agricultural land, If you purchase these land, then selling means surely you will have capital gain tax, If it is from ancestors, then there is no capital gain tax. As for as income from agricultural land there is no income tax.
Rajendra K Goyal
(Expert) 03 October 2013
Well advised by the expert, nothing more to add.
gopal
(Querist) 04 October 2013
Dear Respected experts,
Thanks for your valuable advice
my father purchased the land on 1973 then till now he made agriculture on the land
if the land is given to me by my father(through settlement deed) then i sale the land, it will come under capital gain tax(ie comes under ancestoral property) or not
Sorry to ask again one more query
to understand better, i asked this question to the Experts
Thanks and regards
gopal
R.K Nanda
(Expert) 04 October 2013
consult tax lawyer.
C. SANJEEVA RAO
(Expert) 06 October 2013
It is a transfer in terms of section 2(47)of the Income-tax Act,1961 and attracts capital gains tax under the provisions of the Income-tax Act,1961, however, you can claim exemption under section 54B of the Income-tax Act,1961 subjected to certain conditions viz: a) it must have been used in the 2 years immediately preceding the date of transfer for agricultural purposes either by you or by your parents. (b) within 2 years from the date of transfer another agricultural land purchased.
