capital gain

[Guest]

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).

[CAGOPALJI AGRAWAL]

If it is an agricultural land satisfying the conditions for ag. land, then no income would be taxable from transfer of such land.

AI Summary

Capital Gains Tax Exemption for Inherited Agricultural Land Located Over 8km from Urban Areas Explained A user inquired about calculating capital gains from selling inherited agricultural land, which lacks a purchase value. The land, passed down through generations, is located more than 8 kilometers from an urban area. The response clarified that if the land qualifies as agricultural land under specific conditions, the income from its transfer would not be subject to taxation.