Capital Gains


(Querist)
06 December 2019
Can a agricultural land be sold and the gains made be invested to buy a plot of land and construct house so as to claim benefits u/s 54F


CA R SEETHARAMAN (Expert)


Click to Talk 06 December 2019
Yes if it's an urban agricultural land and investment of full consideration required

CMA Omkar.TIlve (Querist)
07 December 2019
Thank you so much sir
1.what if it is a rural agricultural land will the sales proceeds be taxed..and
2.what is the taxability If it is a rural agricultural land ..can the entire amount of sales proceeds be invested in
buying plot of land to construct house

CA Dileep Surya Kumar (Expert)
07 December 2019
Rural agriculture land is not a capital asset accordingly no capital gain when it is sold.

CMA Omkar.TIlve (Querist)
09 December 2019
Will it be taxed under any other heads of income. If exempt under which section benefit can be claimed

CA R SEETHARAMAN (Expert)


Click to Talk 09 December 2019
Not taxable under any other heads. Not a capital asset u/s 2(14).

CMA Omkar.TIlve (Querist)
10 December 2019
Do we need to declare the amount received while filing income tax return

CA R SEETHARAMAN (Expert)


Click to Talk 10 December 2019
Not required....................


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