Is it a right time to buy agriculture land after demonitisation
We paid 50k advance to buy one acre of land for 21 lakhs after the demonetisation. We can pay the rest in white as me and my brother are salaried employees. Is it a right time to buy land at this time. Also please let us know how much tax we need to pay in the current scenario?
Land is in rural part of Andhra pradesh.
Goverment rate is around 8 lakhs.
Before demonetisation payments were made in cash.
Asked 1 year ago in Capital Gains Tax from Hyderabad, Andhra Pradesh
Will agriculture land prices come down
Asked 1 year ago
1. in coming time properties fall down thus please think before buying.
2. no tax required to pay at the time of purchase only registration fee lavy but you must have source of income form which you are paying this amount.
if we proceed with the purchase , will the registration fee calculated on 8lakhs or 21 lakhs
Asked 1 year ago
on 21 Laksh because you pay entire amount via banking channel and there is no cash market.
what kind of advice you need? Many experts are saying that prices of property will go down. Registration fee should be calculated on the transaction price.
Thanks and Regards
CA CS B.Com
if you have white money you can purchase the agricultural land.
Yo will not have to pay tax on purchase of agricultural land.
The amount of stamp duty will have to be paid on 21 lakhs.
Now you cannot pay the balance amount in Rs. 500 and 1000 rupees denominated currency because the same is not legal.
There is probability of fall in price of Land.
It is right time depending on the area where you are purchasing.
Yes the rates of land will fall in short term but in long term it will increase.
The registration will be calculated on 21 Lakhs
Not an expert in commenting as to when is the right time to invest in agri land.