Selling Agriculture Land and Taxation


Hi All I am planning to sell a agriculture land at my native which was brought for about 3 years ago an d we paid huge money in Lakhs but registered for less amount as the registrar officer suggested for lower price and we have rest of the money in Hands.. Now I want to sell this land and want to buy a house/Villa in Bangalore.. if I sell it for huge price i have to get all the money through bank with legal procedures and my question is do I need to pay any taxes on the capital gain? as I had registered it for less price.. Confused here.. please help me and the land is in rural area of Karnataka Thanks Ramu
 
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FIN

You are not selling inherited agricultural land.

Post such queries at group website of LCI;

CAclubindia……

Ideally one should consult before buying and selling and before signing on dotted line….

 
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FIN

 

You may also go thru;

https://cleartax.in/s/capital-gains-exemption-on-sale-of-agricultural-land

It is in simple language.

There is NO pint in converting one’s white money into black money…  

 

 

 
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is ur agricultural land fallen in urban area ? if yes, profit arises from such sale treated as capital gain ...if land in rural area, taxation effect nil..
 
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Thank you so much Everyone for the prompt replies and it was so much helpful.. My Agriculture land is in Rural Area and what I understood now is I think it is tax exempted on capital gain .. So i can draw that money for whatever purposes I want..
 
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For more reference, you can visit - https://blog.gstedge.com/snippets/ and https://www.gstedge.com/

The content here is given in a very simple manner to understand all tax related queries.

 
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FIN

Or Discuss with I.Tax Consultant/CA in person…….

 
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