Sir, As mentioned in above cited subject, I had purchased a piece of Agricultural land for Rs.2,10,000/- and sold it after 6 months as a Agricultural Land for Rs.18 Lac's. So, will it attract STCG and if it's then how much I have to pay?? Also clarify that one of my friend said to me that as it is falls in rural area it won't be liable for capital gain?? Thanks in Advance..
1 Answers
If land falls under rural area and is also not within eight kilometer area of a municipal committee/corporation, then its not considered as a capital asset. In that case there won't be any short or long term capital gains applicable.
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