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What is the tax impact on sale of agricultural land?- Property Hotline
Posted
September 22, 2016
Views
13,402
Likes
61
Comments
3
Engagement
0.48%
September 22, 2016
13,402
61
3
0.48%
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3:41Now PlayingExpert: Vinay Singh, Legal & Tax Expert.
Question: This is regarding long-term capital gains on ancestral agricultural property. I want to know if I need to pay long-term capital gains tax if the agricultural land is located in a remote village, within the limits of the Gram Panchayat, but over 10 km away from the nearest municipal area.
Answer: If the agricultural land is over 8 km measured aerially from municipal limits then, it will not be considered an asset u/s 2(14) of the income tax act and no capital gains tax is payable upon sale.
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