Agricultural land
clifford john coelho
(Querist) 17 January 2012
This query is : Resolved
sir,i want to sell my agricultural land in udupi(karnataka),and want know wether i would have to pay tax on the sale?
Raj Kumar Makkad
(Expert) 17 January 2012
There is no tax on the sale of the agricultural land so re-invested for the purchase of further agricultural land.
prabhakar singh
(Expert) 18 January 2012
There is Capital Gains exemption in following way:
1.If Agricultural land not forming part capital asset and sale of which will attract capital gains tax subject to exemption under Section 54B. The following are the conditions mentioned in the section 54B to get the tax exemption.
2.If the agricultural land should have been used for the agriculture purpose.
Exemption is not available to a Hindu Undivided Famiy (HUF) or any other taxpayer.
3.The land should have been used by the asses see or his parents with in two years immediately preceding the land sale or transfer date.
4.The asses see should have been purchased the agricultural land with in two years immediately preceding the land sale or transfer date.
5.The whole amount should have been used for purchasing the new agricultural land. Otherwise the difference amount will be charged for the capital gains tax.
6.The new asset purchased should not sold with in three years of time.
