Capital gain on agriculture land
This query is : Open
28 July 2016
CAN WE REINVEST IN RESIDENTIAL PLOT TO SAVE CAPITAL GAIN ON SALE OF AGRICULTURE LAND
28 July 2016
Rural Agriculture land is not capital asset [Refer section 2(14)]. Ensure that agriculture does not fall under stock-in-trade [refer section 45(2)]. There is no capital gain on sale of rural agricultural land.
There is no requirement of investment on sale of rural agricultural land. In case of sale of urban agricultural land [Refer section 2(14)], the same may attract capital gains. A deduction u/s 54B is available on investment in either rural or urban agricultural land subject to provisions of section 54B.
There is no requirement of investment on sale of rural agricultural land. In case of sale of urban agricultural land [Refer section 2(14)], the same may attract capital gains. A deduction u/s 54B is available on investment in either rural or urban agricultural land subject to provisions of section 54B.
28 July 2016
can we investment in residential plot at sale of urban agriculture land
28 July 2016
Yes under section 54F of the Income Tax subject to provisions contained therein.
28 July 2016
sir please solve these query about 54F
1. can we buy only plot ?
2. is it complusory construction on it ?
3.what is limit number of housing property to buy ?
4 can we buy more than one housing property?
5 if any one have alredy a house property can he get benefit of 54F ?
1. can we buy only plot ?
2. is it complusory construction on it ?
3.what is limit number of housing property to buy ?
4 can we buy more than one housing property?
5 if any one have alredy a house property can he get benefit of 54F ?
28 July 2016
1. exemption u/s 54F is available for purchase or construction of residential property.
2. As above.
3. One residential house.
4. As above.
5. Can hold one residential property other than that is going to acquire for the purpose of section 54F.
Refer section 54F for your benefit.
2. As above.
3. One residential house.
4. As above.
5. Can hold one residential property other than that is going to acquire for the purpose of section 54F.
Refer section 54F for your benefit.
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28 July 2016
THANKS SIR
PLEASE TELL ME THAT IS THERE ARE ANY OPTION TO SAVE CAPITAL GAIN AT SALE OF URBAN AGRICULTURE LAND IF I HAVE ALREDY HOUSE PROPERTY CAN NOT INNVEST IN IT
PLEASE TELL ME THAT IS THERE ARE ANY OPTION TO SAVE CAPITAL GAIN AT SALE OF URBAN AGRICULTURE LAND IF I HAVE ALREDY HOUSE PROPERTY CAN NOT INNVEST IN IT
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