Sale of agricultural land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2012
if the agriculture land is sold by Party A and his 10 Legal Heirs.... (but the property is Party A's Self Acquired).....
then who all are liable for this gain tax...
Agricultural land is in Urban area.
What is the legal procedures if this Gain is not included in the Tax computation,?
Regards
Jeevan
then who all are liable for this gain tax...
Agricultural land is in Urban area.
What is the legal procedures if this Gain is not included in the Tax computation,?
Regards
Jeevan
10 February 2012
In case the land is acquired by A and the land documents shows him as the only owner, he only will be liable to Capital Gains Tax.
.
Gain has to be included for computing the Total Income, but exemption can be claimed
U/s 54B- by purchasing a new Agriculture land and U/s 54EC- by investment in Capital Gains Bonds. For full exemption entire capital Gain has to be invested.
.
.
Gain has to be included for computing the Total Income, but exemption can be claimed
U/s 54B- by purchasing a new Agriculture land and U/s 54EC- by investment in Capital Gains Bonds. For full exemption entire capital Gain has to be invested.
.
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