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Ramu Jamkhandi   12 January 2018

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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 6 Replies

Kumar Doab (FIN)     12 January 2018

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….

Kumar Doab (FIN)     12 January 2018

 

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…  

 

 

BHARAT vasoya   12 January 2018

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..

Ramu Jamkhandi   13 January 2018

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..

Mohit   02 February 2018

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.

Kumar Doab (FIN)     02 February 2018

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


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