Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2013 A person has a agriculture land and sale this land. now my query is that......

1. can he purchase the agriculture land and flat (both) to get the benefit of sec 54B or any other sections ?

2. can he purchase the agriculture land in parts that is as a different plots.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 July 2013 Yes he can purchase agriculture land (U/s 54B)and residential house (U/s 54F) both.
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Yes he can purchase the land in parts also.
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Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2013 thank you sir...

i have another query regarding the sale consideration. in that land is in the name of father but his sons name also appear in the 7/12 documents than how can we take the income? whether is it the income of father or sons or both?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 July 2013 Who has purchased the land ?
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In case of ancestral land , it can be taken as father's land.
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Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2013 land was originally purchase by father and cheque of sale deeds would be received in name of both father and son.
now whether son would get the benefit of sec 54b and 54f?
or income of son would be treated as income from tenancy right?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 July 2013 Confirm from the Purchase deed of the land whether names of both are there.
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If yes, it can be argued that since father has gifted the land or amount to the son, so son is also a co-owner.
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Both will get the exemption benefit.
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