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Amrish   29 November 2016

Capital gain / income tax on agricultural land

I have bought agri land before 30 months. More than 2 years. 1 sold 1 part of it before 24 months, 2nd part selling now. 

Do I have to pay income tax / capital gain tax on 2nd part. ? On 1st part I already paid income tax at that time.

Somebody told me that if we sell agri land after 2 years no need to pay income tax / capital gain tax 

Seeking guidance 



Learning

 3 Replies

adv.bharat @ PUNE (Lawyer)     07 December 2016

Amrish if u sell that plot with in 3 years of purchase then u need to pay short term capital gain .

Will u appreciate this answer by giving like on my LCI profile?

1 Like

Amrish   07 December 2016

Oh sh*t.....

I consuted one CA here and he said its 2 years limit. And i did registration just before few days.

3 years are completing in February-2017. What to do now ?

Amrish   07 December 2016

continued......

Here local CA said, I need to purchase Agri land in next 2 years to avoid tax and I am willing to buy another land in just 1 year. Then also I need to pay tax ?


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