• i had an Agriculture Land got my father as you can say it has been transfered from one generation to another.i want to sell his. actually his land has come in rural and registry will be done in Sq. mtr. now. i convered agriculture land into non agriculture land and sell.Sir here I am sending you details so that I can know how much Capital Gain is coming and how much Tax have to payed. Here are some details. Total Agriculture Land is 30 Bigha. (purchase rate not boz accent land) In 1981 the cost of 1 Bigha land was 142/- declared by Govt.agriculture land Now the govt. rate is 120000/- 1 Bigha.(total 30 Bigha prize is 3600000/-) sell prize is 1050000/- registred stamp deed sell. Sir pls help me. Sir pls do indexing for me , How much Capital Gain is coming. How much Tax is to be paid. what should be done to save tax.
1 Answers
Purchase Year = 1981-82, Purchase Cost = 4260, Cost Inflation Index (CII) for purchase year = 100
Sale Year = 2011-12, Selling price = 1050000, CII for sale year = 785
Indexed Purchase price = 4260 x (785/100) = 33441
Long term capital gain = 1050000 - 33441 = 1016559
Income tax on capital gain = 1016559 x 20% = 203311.8
To save this income tax either a residential house property can be bought u/s 54F or investment in capital gain bonds can be done u/s 54EC.
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