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Showing results for tags 'selling of agricultural land'.
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Hi friends This query is regarding taxation on sale of agricultural land in a village in telangana My father has inherited agricultural land from his father and his father from his father .We dont know(today) whether it was purchased or how it was acquired. Dont know the purchase price or cost of acquisition.Now my father wanted to sell it . Now the question is.. FIRST POINT : will the amount from the sale is taxable ? To my information capital gain from the property is taxable( sale price - cost of acquisition). In this case selling price is known but how should we calculate acquition cost ? SECOND POINT : Buyer's version : Difference between government value and selling value ( selling value is more than government value) is taxable. Request any friend with the knowledge in taxation in telangana to help me clarify the above .This is little urgent thanks in advance
