Regarding agricultural land
Querist :
Anonymous
(Querist) 05 November 2011
This query is : Resolved
SIR I HAVE AN AGRICULTURAL LAND OF 2 ACRES WHICH IS 10 KM. FAR FROM MUNICIPAL CORPORATION. I MADE A ROAD ON THAT LAND AND I WANT TO SELL THAT LAND TO DIFFERENT PEOPLES IN PARTS FOR NURSERY PURPOSE IN PARTS OF 2000 SQ FT. SO, I AM LIABLE TO PAY TAX ON THAT.
prabhakar singh
(Expert) 05 November 2011
Why you people try to out smart us?
just here before you asked a question,many of us answered you and one of us caught you that you have suppressed the facts then instead of telling the truth there now you have opened a
new thread BUT FOR WHAT AND WHY??
DO YOU THINK THAT IF HAVE A FAVORABLE OPINION FROM US BY CHEATING US ON FACTS THEN OUR OPINION WILL WORK AS SAVIORS OF YOURS IN A REAL LIFE PROBLEM??? ANY SUCH THINKING WOULD BE A DAY DREAMING I FOREWARN YOU GENTLEMAN!!
prabhakar singh
(Expert) 05 November 2011
MOREOVER WHEN YOU WILL SALE YOUR PROPERTY THEN AGRICULTURAL OR RESIDENTIAL ,WHAT EVER GAIN SHALL ACCRUE TO YOU SHALL BE TAXABLE
AS LONG TERMS CAPITAL GAIN IF YOU ARE SELLING AFTER 3 YEARS OF PURCHASE AND IN CASE YOU ARE SELLING WITH IN 03 YEARS THEN
SHORT TERM CAPITAL GAIN TAX WOULD BE CHARGED IRRESPECTIVE OF USER FOR WHICH YOU MADE THE SALE.
Sailesh Kumar Shah
(Expert) 06 November 2011
Shri Prabhakar Singh
Respected Sir,
Author indicates that Agricultural land is not capital assets under IT Act. Since Land situated beyond a distance of 8 kilometers from municipal limits.
Thanks
with Regards,
Sailesh Kumar Shah
(Expert) 06 November 2011
Shri Prabhakar Singh
Respected Sir,
Author indicates that Agricultural land is not capital assets under IT Act. Since Land situated beyond a distance of 8 kilometers from municipal limits.
Thanks
with Regards,
Sailesh Kumar Shah
(Expert) 07 November 2011
Dear Author,
You have rural agricultural land. and If you sold entire land at single piece, there is no capital gain incurred.
Now, you wish to sell TO DIFFERENT PEOPLES IN PARTS FOR NURSERY PURPOSE IN PARTS OF 2000 SQ FT.
In my opinion, capital gain would incurred since agricultural land lost is identity, after you made road upon and make smaller sizes of plots.
I request to learned experts of LCI to frame his opinion.
