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TMI BlogCapital Gains tax on agricultural landX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or indexation purpose. Thanks A M SHEMBEKAR - Reply By CA GOPALJI AGRAWAL - The Reply = The fair market value as at 01/04/1981 can be taken from the regd valuer certificate. You have to ascertain that the land is outside the specified area of municipal limits. The area would either be outside the specified limit or not and no in between sitation might be assumed. - Reply By ANAND SHEM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BEKAR - The Reply = Thank you very much for the reply. ANAND SHEMBEKAR CELL 9421187122 - Reply By DALJIT SINGH CHHABRA - The Reply = Your both querries pertain to Capital Gains tax on sale of agricultural land. Firstly you have to acertain whether this sale is taxable or exempted keeping in view the distance of agricultural land under reference to notification No. Income Tax - F.No. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 64/3/87-ITA.I (9447) - IT - dated - 06-01-1994 . If the same is out side the distance mentioned therein, the sale of land under reference will be non taxable. For the pupose you have to obtain required distence certificate from revenue authorities. Next for calculating the capital gains on sale , please acertain market value as on 31-3-1981 which can be had from revenue authorities on Far ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad hakikat giving value of land as on 31-03-1981 . Thirdly you can buy the agricultural land within two year provided the land sold was being cultivate from minimum las two years. - Reply By ANAND SHEMBEKAR - The Reply = Thank you very much sir DALJIT SINGH CHHABRA for your valuable guidance as well as giving the link of respective Income tax circular. Thanks A M SHEMBEKAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Capital Gains tax on agricultural land - Query Started By: - ANAND SHEMBEKAR Dated:- 2-2-2013 Income Tax - Got 4 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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