Tax on sell of non agriculture land

narpat garg (Querist) 23 January 2012 This query is : Resolved
iam a government servent. my annual income is rs.4 lakhs. i have agriculture land in my home village. i have converted it into non agriculture land and sold it for rs.25 lakhs. so tell me how my tax calculation will be. if there is any way to save some tax then tell me?

Follow Query

Report Abuse

Raj Kumar Makkad (Expert) 23 January 2012
Have you got it officially changed as non-agricultural from the department of agricultural?

If yes then the capital tax gain shall be attracted otherwise there is no tax liability if no formal CLU was obtained.

Shailesh Kumar Shah (Expert) 24 January 2012
you have to pay 20% tax on capital gain.
For Save Capital Gain, purchase
1.Property
2.Specified Bond

narpat garg (Querist) 24 January 2012
thanks.my non agriculuter land in village.it is granite jone.how much i have to resitered money so that i won't have to pay tax.

R.V.RAO (Expert) 13 March 2014
the entire capital gain part of the sale proceeds only needs to be invested in property or in capital gains bonds.
the capital gain money till invested as above has to be kept in capital gain bank account .
the other option is pay up 20% of capital gains as tax plus 3% edu.cess on the tax.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries