Capital gain on agricultural land (most urgent)
Naina (Student) (37 Points)
06 December 2016Naina (Student) (37 Points)
06 December 2016
KAPIL JAIN
(Job full time as well as part time)
(232 Points)
Replied 06 December 2016
Rural Agriculture land is not capital assets as per act, so not attract capital gain.for urban agriculture land u can avail exemption of sec 54B after satisfied some conditions.
Naina
(Student)
(37 Points)
Replied 06 December 2016
hey please suggest as it is urban land and so is a cap asset further the new acquired land is in name of spouse of assesse will it be taxable
CA Aditya Lahoti
(Chartered Accountant)
(380 Points)
Replied 06 December 2016
No deduction is allowed u/s 54B if assessee purchases agricultural land in the name of son & daughter-in-law.
Case: Kalya vs. CIT (Raj.) Dated: 19/05/2012
Naina
(Student)
(37 Points)
Replied 16 December 2016
cant it be in favour of assesee , actually one of our client received a notice regarding this issue and now he is required to pay capital gain as he had purchased land in name of his wife , is there any solution to save this?
CA Aditya Lahoti
(Chartered Accountant)
(380 Points)
Replied 23 December 2016
Has you client purchased land in name of wife or Daughter in Law?
If it is wife your assesee can claim deduction and if Daughter in Law than it is difficult to prove.
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