Home Forum Income Tax Month 2 2013 2013 (2) This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Capital Gains tax on agricultural land - Income TaxExtract Dear All learned readers and members of the site I am having two querry about capital gain tax : - 1. The agricultural land owned by assesee and now he is selling to another party for Rs. 18 Lakhs the land is located within a village which is 4 kms. outside the boundry of muncipal area . The date on which assessee become owner of land is 01-Mar-1970. The muncipality is not notified in the circular for limits of 8 kms / 5 kms , whether assessee is liable to pay the capital gain tax ? 2. The agricultural land owned by assesee and now he is selling to another party for Rs. 48 Lakhs the land is located within the boundry of muncipal area . The date on which assessee become owner of land is 26-July-1978. In this case how to find out fair market value of the land on 01-04-1981 for indexation purpose. Thanks A M SHEMBEKAR
|