Capital gains
This query is : Resolved
25 February 2013
Hi friends
My client is selling a vacant land and going to purchase a vacant land.
My client already has two residential houses.
Whether investing in new land will help my client in avoiding Capital Gains
Thanks in advance
My client is selling a vacant land and going to purchase a vacant land.
My client already has two residential houses.
Whether investing in new land will help my client in avoiding Capital Gains
Thanks in advance
25 February 2013
Thank you very much
Message likes :
1 times
26 February 2013
Dear Author,
In Your Case, No Exemption Under CG Can be Claimed.
Your Client have to Pay Tax, No Option.
Pls Clear Whether This Land is Agriculture land Then Only Exemption Under section 54B Can be Claimed provided Some Conditions Get Fulfilled.
Regards,
CA Ayush agrawal
In Your Case, No Exemption Under CG Can be Claimed.
Your Client have to Pay Tax, No Option.
Pls Clear Whether This Land is Agriculture land Then Only Exemption Under section 54B Can be Claimed provided Some Conditions Get Fulfilled.
Regards,
CA Ayush agrawal
26 February 2013
For Claiming 54b, land Must be agriculture Land.
using since 2 years.by Assessee or His parents.
using since 2 years.by Assessee or His parents.
26 February 2013
Dear Sir,
Thank you very much for your detailed reply.
The Land is certified as wet land as per the village Administrative Officer record. But my client has not cultivated or shown any agricultural income in his return. The land is situated 8 kms away from Municipal area. Population is less than 10000.
If the land is within 8 kms can i claim exemption u/s 54B
Please update
Thank you very much for your detailed reply.
The Land is certified as wet land as per the village Administrative Officer record. But my client has not cultivated or shown any agricultural income in his return. The land is situated 8 kms away from Municipal area. Population is less than 10000.
If the land is within 8 kms can i claim exemption u/s 54B
Please update
26 February 2013
No, Exemption u/s 54B Cant be Claimed.
Since It Must be Used for Agriculture Purpose Since 2 Years Atlest.
But Since Your Land is Situated 8 KMS Away from Munciple Area, Its Will not be Capital Asset.
and Hence No Capital Gain Tax Applies.
Its Exempt Income.
Just prove That This is agriculture Land if any kind of Enquire Comes.
If Any Confusuion Left in Your mind, pls revert.
The More Info You Provide to Us, More Options You Will Get to Save/Plan the Tax.
Since It Must be Used for Agriculture Purpose Since 2 Years Atlest.
But Since Your Land is Situated 8 KMS Away from Munciple Area, Its Will not be Capital Asset.
and Hence No Capital Gain Tax Applies.
Its Exempt Income.
Just prove That This is agriculture Land if any kind of Enquire Comes.
If Any Confusuion Left in Your mind, pls revert.
The More Info You Provide to Us, More Options You Will Get to Save/Plan the Tax.
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