Agricultural income
This query is : Resolved
Harmeet singh
(Querist)
02 March 2015
can a person buy a another house by selling agricultural land ?
CA Anjana Grover
(Expert)
02 March 2015
Hi Harmeet,
If you buy another house from the sale proceeds of taxable agriculture land in that circumstances the capital gain arising from sale of agriculture land shall not be exempt as per section 54B of Income tax Act.
Regards
If you buy another house from the sale proceeds of taxable agriculture land in that circumstances the capital gain arising from sale of agriculture land shall not be exempt as per section 54B of Income tax Act.
Regards
03 March 2015
you can invest it in buying a new agricultural land or invest in 54 EC bonds to save tax
CA R SEETHARAMAN
(Expert)
03 March 2015
If you are selling a rural agricultural land situated aerially 8 km away from municipal limits it fully exempted from capital gains, so you can buy the house.
If it is capital gain taxable agricultural land if you are presently having not more than one house you can buy the house and claim exemption u/s 54F.
If it is capital gain taxable agricultural land if you are presently having not more than one house you can buy the house and claim exemption u/s 54F.
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