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#1
15th June 2008, 02:23 PM
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Selling agricultural land and sending money to NRI
Thanks hope this forum should be a great use.
Please help me with following questions: Am planning to sell agricultural land in india worth of 2 crore and send to my son who is an NRI.I know that i can send through Property inheritance of sale deed to my son.The market value of the land is 2 crore and the govt.value is 75 lakhs.My questions 1.If i sell the land for market value (2crore) how can i send the money for the govt value of 75 lakhs. 2.what are my tax worries here? What % of tax leived for sale of agri.land? 3.What are the other modes of outward remittance which eases riskless tranactions? Pleas help me members 
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#2
15th June 2008, 04:55 PM
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Re: Selling agricultural land and sending money to NRI
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#3
16th June 2008, 04:32 PM
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Re: Selling agricultural land and sending money to NRI
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#4
19th June 2008, 07:01 PM
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Re: Selling agricultural land and sending money to NRI
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I am sorry sir. Agricultural Income is tax free but not capital gains on sale of Agricultural Land. It is taxable @ 20% if it is long term asset.(assets held for aperiod of more than Three years.) If the land is held for a period of less than three years normal tax rates are applicable.
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#5
19th June 2008, 07:11 PM
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Re: Selling agricultural land and sending money to NRI
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you have to clarify lot of things. 1) In whose name the property is. 2) what will be the registration value. 3) assuming that it is 75 lakhs, how are you going to receive the balance amount? based on the answersyou give,there will be some more questions, which you have to answer. what I suggest is you consult some professional personally and get proper tax planing advice. That long term capital gains tax is 20% + cess etc.,
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#6
20th June 2008, 04:30 PM
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#7
7th August 2008, 06:59 PM
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Re: Selling agricultural land and sending money to NRI
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2.If it is within those limits then capital gains tax arises.The rate of Capital gains tax is 20% on the profit.(it is assumed that you had held the land for more than 3 years so that it is long term capital gains).You can save this tax if you invest the profit again in agricultural land or capital gains bond within 2 years of sale. 3.Now since you are going to receive 75 lakhs as white and other 125 lakhs as black(since it is rare in india when a buyer will declare the entire amount and not save stamp duty),you can legally only send 75 lakhs (after paying capital gains tax ,if applied) Riskfree way will be through normal banking channels.It will be perfectly white for your son and he may or may not have to pay gift tax depending on the tax laws of his residence. 4.Rest of the black money is yours to do whatever you like to do without letting the taxman know.If you want to send this to your son you can send it through Hawala.
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