Is Grandfather's agricultural land sale sold as non-agricultural land taxable in Gujarat?
My dad has had a piece of land in Gujarat for 35 years, and now one company from India would like to buy it. Right now the land is a agricultural land, but the company would like to buy with non-agricultural land.
We converted this land to non-agricultural land and decided to sell to this company.
Is there a tax on this sale, and if so, what tax rate should we expect?
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Is there a tax on this sale, and if so, what tax rate should we expect?
Yes there will be taxes on this sale. As you have held the land for less than 3 years after it got convereted to N.A. this would be treated as short term capital gains and taxed as per tax brackets.
You may not be able to get indexation benefit. It is best to consult a CA to ensure appropriate taxes are deducted and paid.
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