exemption from income out of sale of agricultural land
This query is : Resolved
30 May 2009
The taxable income under the capital gain from sale of agricultural land is Rs. 47,00,000. I do not want to invest it into NABARD bonds or anything like that. What i want instead is to purchase a flat from the same income. Will this be exempted from the tax arising out of capital gain due to sale of agricultural land. I read the sec 54 f. But i fail to get a clear picyure of this case. Can u please help.If not plz suggest me another method to save the tax other than purchase of another agricultural land or Bonds. thank you.
30 May 2009
first check it out is it a capital asset or not, see section 2(14)(3)
and if its a long term capital asset than u can claim exemption U/S 54F,
in ur case only section 54F is available.
and if its a long term capital asset than u can claim exemption U/S 54F,
in ur case only section 54F is available.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
