Lancy Peris 10 February 2024
I have a piece of land in Mangalore ad-measuring 1.25 acres. This is an agricultural land which is being sold after converting to non-agricultural land.
What are the tax repercussions for me in this regards. Will I have to pay income tax on the proceeds received from the ale of this land.
Please advise.
T. Kalaiselvan, Advocate (Advocate) 10 February 2024
The applicable long term capital gains tax has to be paid on sale of non agricultural property.
The quantum of tax will depend on the commutation of the period of holding the property before selling it.
Lancy Peris 21 February 2024
Does Capital Gains tax apply even to Property received from our grandfather without any purchase value paid.
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