Capital Gains

This query is : Resolved

CMA Omkar.TIlve (Querist)
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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

CA R SEETHARAMAN (Expert)
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06 December 2019 Yes if it's an urban agricultural land and investment of full consideration required

CMA Omkar.TIlve

CMA Omkar.TIlve (Querist)
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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

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

CMA Omkar.TIlve

CMA Omkar.TIlve (Querist)
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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

CA R SEETHARAMAN (Expert)
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09 December 2019 Not taxable under any other heads. Not a capital asset u/s 2(14).

CMA Omkar.TIlve

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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2019 Not required....................

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