Capital gain
This query is : Resolved
12 March 2015
My client & his other 4 brothers & his mother sold urban parental agriculture land for Rs. 1 crore through a single registry. All 6 individuals were nominees of said agriculture land. All 6 individuals purchased further agriculture land for Rs. 1 crore in the name of mother only.
can all 5 brothers claim deduction u/s 54B?
looking for earliest reply.
Regards
can all 5 brothers claim deduction u/s 54B?
looking for earliest reply.
Regards
12 March 2015
who was the actual owner while the land was sold?
moreover there is no capital gain once it falls in the definition of "agricluture land" as per income tax act.
moreover there is no capital gain once it falls in the definition of "agricluture land" as per income tax act.
12 March 2015
Actually Land is a urban agriculture land at the time of sale, so this is a capital asset.
& land is a ancestral urban agriculture land, 5 brothers & their mother were nominee of this land.
All 5 brothers & their mother names were in khasra/khatuani.
& land is a ancestral urban agriculture land, 5 brothers & their mother were nominee of this land.
All 5 brothers & their mother names were in khasra/khatuani.
12 March 2015
you are not mentioning who was owner????
nominee are irrelevant while selling land, its owner who shall have to be seen.
first decide its urban land or agricultural land or exactly wat as that way income tax provisions shall be applicable.
nominee are irrelevant while selling land, its owner who shall have to be seen.
first decide its urban land or agricultural land or exactly wat as that way income tax provisions shall be applicable.
12 March 2015
firstly then they should not be termed as nominees as they are owners.
if they all have reinvested the money in name of mother only then no deduction shall be available to any son as they need to be either owner or co-onwer with the mother of new agricultural land so purchased and ao shall deny the deduction for same
if they all have reinvested the money in name of mother only then no deduction shall be available to any son as they need to be either owner or co-onwer with the mother of new agricultural land so purchased and ao shall deny the deduction for same
12 March 2015
youi are welcome mohd azid...........
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