Rural agricultural land
This query is : Open
16 September 2014
i have business in Durgapur of new spare parts . i have pay tax every year. i wanted to sale a agricutral rural land situtated in bihar. can u plz advice me that income from the sale of this property is taxable in long term capital gain or in total income.
plz advice sir.
plz advice sir.
16 September 2014
income from sale of agriculture land if it is outside the distance limits prescribed under section 2(14), wont have any tax liability
16 September 2014
sir, can i transfer all money in to my bank accounts . what is treatment in accounts .how do i shown in books of accounts
16 September 2014
it is a non-taxable capital receipt. you can keep it in your bank account without any worry. However, any interest earned on bank balance will be taxable as income from other sources.
16 September 2014
it is a non-taxable capital receipt. you can keep it in your bank account without any worry. However, any interest earned on bank balance will be taxable as income from other sources.
16 September 2014
for that only I gave you reference to section 2(14) of the Income-tax Act
18 September 2014
Yes agreed refer sec 2(14) for more clarification
18 September 2014
i wanted to attached one more things that this property is transfer recently through power of attorney to my grand father to my father. the attorney is excuted with one before . and sale will happen in this month. whether it is comes under short term capital gain ?
18 September 2014
there is no tax. STCG/LTCG etc etc. so stop worrying
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