Income Tax on Comp Accqu of Agr Land
This query is : Resolved
11 November 2008
Sir,
My father had an agricultural Land situated out of Municipal area. It was old land and inherited property. My Father is senior citizen. By the order of state govt one private company accquired the land and pay the money without TDS with cheque. My father has filed the IT Return without paying capital gain tax. Is there any implication of capital gain tax?
My father had an agricultural Land situated out of Municipal area. It was old land and inherited property. My Father is senior citizen. By the order of state govt one private company accquired the land and pay the money without TDS with cheque. My father has filed the IT Return without paying capital gain tax. Is there any implication of capital gain tax?
11 November 2008
agricultural lands satisfying the conditions laid down under section 2(14)(iii) of Income Tax Act are not capital assets and therefore no capital gain would arise in their case.
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