Agriculture land in rural area

Save Share

This query is : Resolved

AAKASH PATIL (Querist)

21 January 2013 Sir,
I am going to sell my agriculture land to my brother, which is in rural area & he will be paying some amt.to me. Pls. guide me to handle carefully & beneficially:
[1] Is this taxable, if so how much ? [Reqd.calculation table amountwise ]
[2] How I should keep this amt. in bank ? I want to receive money before signing at registrar office, then how I can deposit money in bank, without any doc. ? May bank accept money deposition, if I submit sale deed papers afterwords ?
[3]How & where I should invest this amount, to save tax.
[4] What is the time period to reinvest after selling this land.
[5] Which docs. I should get before & after deal,for my future records & safety.
[6] If tax is payable, what will be the period ?

Amol S Joglekar

Amol S Joglekar (Expert)

21 January 2013 01. If the land falls within the meaning of "capital asset" as per income tax act, then the gain arising out of the same is taxable, otherwise NOT taxable.
02. Register the document with the sub registrar. That itself will be a sufficient proof.

Message likes : 1 times

AAKASH PATIL

AAKASH PATIL (Querist)

07 April 2015 Sir, My land is half KM from village, which is having 17,000 population. This has panchayat and Corporation is 20 KM from this village, Muncipality is 25 KM from this village.I want to purchase flat or shop by this amt. So pls. advise/suggest regarding Tax amt. and reinvestment.
Awaiting your valuable reply.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now