Agricultural income
This query is : Resolved
19 December 2018
A person purchased agricultural land in June 2017 for 10 lakhs and sold immediately to a company for 80 lakhs in October 2017. He calculated capital gains and the same exempted as capital gains on agricultural land was exempt. was it really exempt ??. My query is there is no agricultural activity produced that person how can he claim exemption.
19 December 2018
in absence of agricultural activity, you need to tread very cautiously. read this article and make your opinion based on facts of the case and different case laws mentioned therein - https://taxguru.in/income-tax/capital-gains-income-sale-agricultural-land.html?amp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Copyright software
- Multiple trade mark
- Value of property in capital gain
- Transporter Declaration form
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- Invoice V/S Goods receipt Note Date
- Form 121 & TDS deduction
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
