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Excemption from Tax possible??

(Querist) 04 January 2009 This query is : Resolved 
We are 3 siblings .Recently we sold our Grandfather property which has 4 shares and i took my share from that sold money.
I was paid my share by D.D.I deposited that money in my saving's bank account...
now my query is ...do i need to pay any tax like capital gain tax etc for the amount i got...the property sold is agricultural land in AP india ...if i have to pay tax ...what taxes are applicable in this case...Actually the money i got is Fixed Deposit on my daughter's name...if i Fixed Deposit the money i got from selling agricultural land...will i still need to pay tax...please advice
sanjeev murthy desai (Expert) 06 January 2009
I modified the my earlier opinion due to some error
you need not to pay the Tax, if you need full details please contact any other local CA.

sanjeev desai
KAMARAJ BHARATHY G (Expert) 07 January 2009
for long term capital gain you need not pay any tax
Shilpa Rani (Querist) 07 January 2009
sir, please explain what is long term capital gain ?
sanjeev murthy desai (Expert) 31 January 2009
Dear Shilpa Rani

Capital gains are classified into two types, namely, long term and short term. Capital assets which are held for a period more than 36 months are known as long-term capital assets, whereas capital assets held for a period less than 36 months are termed as short-term capital assets.

Agricultural land is not a capital asset if the land is situated in any area not comprising within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of 10,000 or more according to the last census of which the relevant figures have been published before the first day of the previous year; or in any area in a distance of eight km or more from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of and scope for, urbanization of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette. Only if the agricultural land does not fall within the above category, the gain there from will be chargeable to tax. Your query does not indicate whether the agricultural land will be come under above jurisdiction.

sanjeev desai


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