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.
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- TAN for Partnership
- GST ON DAMAGED GOODS
- Last year TDS Claim
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Suggestions required for income tax filing-software (FY 2025-26)
- E way bill for tractors
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
