Agricultural dry land sales

Capital Gains on sale of agricultural land in a rural area is not liable for tax. Hence, your sale proceeds do not attract IT payment.

Sir I have seen your query, sorry for the late answer as I was out of station. Your sale will attract capital gains as this was not agricultural land . Only wet agricultural lands are exempt which will satisfy certain conditions. If you need calculations then pl send on our person window I.e modani005@gmail.com

Dear Sir,

It will attract tax on the sale proceedings of Land. For Capital Gain Computation we required all details like date of purchase, date of sale, cost of acquisition, cost of improvement, whether land is N.A. or not, Cost of Sales and any expenses on purchase or sale of land.

Dear Sir,

It depends if the land is still an agricultural land and cultivation activities is still being performed as per the Land Records. If it is still considered as Agricultural then you may not be required to pay Capital Gain Tax.

But if that is not the case, then provisions of Long Term Capital Gain may be applicable.

Hope this clarifies your query.

Please feel free for any further clarifications.

Thanking You.

Regards,

CA Rohit R Sharma

BCOM, CA, LLB - GEN, CERT. FAFP, CERT FAFD.