Is it necessary that I must pay tax if sell my land property?

Hi I’m a guy from India. I own certain piece of land. I’m going to sell this land to get money. My aim is to repair certain buildings I have in another place.
Meanwhile, i was advised by one of my friends that I must pay to the government. Is it true?
This land is about 70 cents. The expected price per cent is Rs. 1,00,00.
What are the rules regarding this. Please help, thanks.

One Reply to “Is it necessary that I must pay tax if sell my land property?”

  1. It is necessary if you come under capital gain.but if some amount is being used for renovating other buildings within the years prescribed under section of IT then the amount spent will be subtracted from the value and on remaining amount is still gainful then tax will be charged according the norms of the IT Sec.

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