Itr form
This query is : Resolved
21 June 2016
Dear Experts,
I have received salary income from pvt company. we are five sons to our father and he is passed away. One land in our father name and we sale the land some amount of share i have received and invest the amount in flat (and part amount get loan from Indian bank). if i report this transaction to Income tax return.
I have received salary income from pvt company. we are five sons to our father and he is passed away. One land in our father name and we sale the land some amount of share i have received and invest the amount in flat (and part amount get loan from Indian bank). if i report this transaction to Income tax return.
Rupesh Jain
(Expert)
21 June 2016
yes if sold land is old more than 3 year then you can take the benefit of 54F for investing the entire sale consideration in new flat and get the benefit for capital gain exemption. if it was not old than 3 year then you have to pay the tax if it is not the agriculture land. due to gain on agriculture land is exempt under income tax act.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
