agricultural land

dasd (Querist) 28 July 2008 This query is : Resolved
when i purchased agricultural land it was a rural agriculture land i.e outside 8 km from municipality limit. But when i sold it it came within the municipality limit so whether the capital gain on sale of above mentioned agricultural land be chargeable to tax?

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Guest (Expert) 29 July 2008
It is chargeable to tax for capital gains.

Srinivas.B.S.S.T (Expert) 29 July 2008
Yes as my friend said you have to pay capital gains but you can evade some if you show that you have purchased a house out of the same for your own occupation.

K.C.Suresh (Expert) 30 July 2008
Dasd, pay the tax. Don't evade tax. But you try to reduce the quantom by using the legal provisions in the Income tax Act and rules.

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