Capital Gain

POSTED BY Jagoinvestor ON May 3, 2013 8:53 am ONE COMMENT

Dear sir,
I have a question about capital gain.Suppose Mr.A get some agricultural land from his father mr.B . mr.B also got those lands from his father.I mean these lands are all family asset.Now Mr.B is no more.Mr.A sell those land,now how to calculate capital gain from this type of selling,where no purchase value is avaiable.These lands are far away from urban area(mean more than 8 k.m).

One reply on this article “Capital Gain”

  1. Dear Anonymous, if the land is indeed agriculture land (as per the meaning in Income Tax Act), it’s not a capital asset & hence the gains are not capital gains.

    Thanks

    Ashal

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