Capital gain on sale of rural agriculture land
This query is : Resolved
03 March 2014
Dear Sir,
My father has sold his rural agriculture land last year and he has invested entire amount to purchase new flat in Delhi/NCR in the name of his wife. Please let me know whether that will come under Income tax or not. Please share your advice urgently.
Regards
Saurabh Saini
My father has sold his rural agriculture land last year and he has invested entire amount to purchase new flat in Delhi/NCR in the name of his wife. Please let me know whether that will come under Income tax or not. Please share your advice urgently.
Regards
Saurabh Saini
03 March 2014
sale of agriculture land (within the definition of section 2(14) is exempted from capital gains as such land is not considered as capital asset.
any sale from the sale of this flat in future shall be liable for capital gains
any sale from the sale of this flat in future shall be liable for capital gains
04 March 2014
Thanks Nikhil to share your inputs on this. Please let me clear one more point like my father has invested entire amount in purchase of new flat in Delhi/NCR in the name of my mother so will it be ok as far as the Income tax exemption is consider. Please reply..
04 March 2014
Dear Saurabh,
the income from sale of agriculture land within the definition of 2(14) is totally exempted from tax. there is no need for reinvestment.
where the agriculture land falls within urban area or the within the municipality limits, then you need to reinvest as per section 54B
the income from sale of agriculture land within the definition of 2(14) is totally exempted from tax. there is no need for reinvestment.
where the agriculture land falls within urban area or the within the municipality limits, then you need to reinvest as per section 54B
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