Sell of Non - Agri Land
sangram
(Querist) 23 February 2011
This query is : Open
A group of friends purchased a agricultural land in the name of one of the agriculturist friend as pruchase of agri. land should be agriculturist. The contribtuion was equal when purchased. Subsequently, the land was converted in to non-agricultrue and they would like to sell it. I have following querry for the above:
1. If land is sold then is it possible for purchaser to give the amount equally to all memebrs by way of cheque. What are the implications on getting the amount. What will be the tax implications.
2. What will be the stamp duty under the Bombay Stamp Act when sold.
3. Any other solution to sell the land.
Regards,
Sangram
