Agriculture land (Income Tax)

This query is : Open

Author : Anonymous

( Author )
03 August 2012

An assesse's mother sold a agricultural land for cash & had received & deposited such money in installments in her bank account. Now, she wants to gift such cash sale proceeds of agricultural land to her son (assesse) for which she ready to undersign a gift deed.

So, my question is CAN SUCH GIFT BE ACCEPTED & SUCH SUM OF Rs. 30,00,000/- approx. be transfered from assesse's mother's bank account. Also, can he take gift such a huge amount.

IF YES, WHAT WILL BE THE DOCUMENTS REQUIRED TO BE GATHHER & MAINTAIN BY THE ASSESSE FOR PROVING THE GENUINESS OF SUCH TRANSACTION.

Further, is it required by the assessee to prove the genuiness of the gift from the donor .i.e. his mother??

Respected Sir, Can you Please tell which land will be said to be sold under rural area???

CA PARAS BAFNA

( Expert )
03 August 2012

The money deposited by her can be gifted by the lady to her son. Prepare a gift deed mentioning the cheque no. Date Amount etc. and acceptance by the Donee.
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She must have the copy of the Agriculture land's Sale Deed.
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If the land is not in rural area, then she has to pay Capital Gains Tax.

In such a case Her return of income, showing the capital receipt from sale proceeds can also substantiate the Gift.
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CA Guru M

( Expert )
04 August 2012

Well explained.

Author : Anonymous

( Author )
05 August 2012

Respected Sir, Can you Please tell which land will be said to be sold under rural area???

CA PARAS BAFNA

( Expert )
05 August 2012

Rural Land means-
Land situated
outside the area and outside the notified area around it,
having population of 10000 or more as per the last census.
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In simple words if land is in municipal area or in a area having population of 10000 or more then it will not be called as rural land. Further, the land should be outside the area notified for the purpose of urbanisation. The area beyond 8 kms is not generally notified for such purpose.
.

Author : Anonymous

( Author )
05 August 2012

But sir, how can i find that if the agricultural land in NYOLIKALAN, HARYANA is rural area or not???

Also, CAN YOU HELP ME WITH THE SAME.

& I want to know that what document will justify the same (if any)???

Further, I wanted to know that what is the Stamp Duty for the sale of agriculture land in Haryana???