Buying agri land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2010
Hello Expert,
I am planning to buy agricultural land at my home town. I am falling in 30% tax slab.
Can you pls advice me with your valuable inputs:
1. Is there any benefit/drawback in purchasing that land in my name ?
2. Should I purchase this land in my Father's(Sr. Citizen) or wife's name ? since I am falling in 30% slab of income tax.
I am planning to buy agricultural land at my home town. I am falling in 30% tax slab.
Can you pls advice me with your valuable inputs:
1. Is there any benefit/drawback in purchasing that land in my name ?
2. Should I purchase this land in my Father's(Sr. Citizen) or wife's name ? since I am falling in 30% slab of income tax.
29 December 2010
By White Money you can but Agriculture Land as a Investment or for Agro purposes.
Capital Gain @ 20% will be on Land at the time of sale, if not used for Agricultural purposes by you and your family up to 2 years after the date of purchase.
In other case No capital Gain shall arise on sale if it is used for Agricultural purposes by you and your family up to 2 years and may be reinvested again in Agriculture Lands.
If Land purchased in the name of Parnets then money came from to be prove as source of income,transfer took place without consideration or gift need to be established.
Amount paid wihtout consideration to a relative in over of Rs.50000/= Tax shall be liable on that amount.
At the time of sale father will be assessed as described for you supra but rate of tax will be same but slab will be high.
Capital Gain @ 20% will be on Land at the time of sale, if not used for Agricultural purposes by you and your family up to 2 years after the date of purchase.
In other case No capital Gain shall arise on sale if it is used for Agricultural purposes by you and your family up to 2 years and may be reinvested again in Agriculture Lands.
If Land purchased in the name of Parnets then money came from to be prove as source of income,transfer took place without consideration or gift need to be established.
Amount paid wihtout consideration to a relative in over of Rs.50000/= Tax shall be liable on that amount.
At the time of sale father will be assessed as described for you supra but rate of tax will be same but slab will be high.
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- TDS APPLICABILITY......
- Copyright software
- 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
