SALE OF AGRICULTURAL LAND SITUATED IN CITY MUNICIPAL LIMITS
This query is : Resolved
25 January 2025
DEAR SIR,
ONE OF MY CLIENT WANT SELL HIS AGRICULTURAL LAND SITUATED IN CITY MUNICIPAL LIMITS.
COSTS NEARLY 4 CR. THE LAND IS AN ANCIENT PROPERTY THE CIRCLE RATE IS NOT PROPERLY KNOWN TO THE SELLER. NOW MY QUERY IS
1. CITY MUNICIPAL LIMITS IS COMES UNDER THE PERVIEW OF TAXABLE INCOME
2. IF YES HOW TO INVEST THE MONEY SAVE CAPITAL GAIN TAX
3. OR PURCHASE ANOTHER AGRICULTURAL LAND
4.PURCHASE OF RESIDENTIAL HOUSE PROPERTY
PLEASE SUGGEST ME
THANK YOU
ONE OF MY CLIENT WANT SELL HIS AGRICULTURAL LAND SITUATED IN CITY MUNICIPAL LIMITS.
COSTS NEARLY 4 CR. THE LAND IS AN ANCIENT PROPERTY THE CIRCLE RATE IS NOT PROPERLY KNOWN TO THE SELLER. NOW MY QUERY IS
1. CITY MUNICIPAL LIMITS IS COMES UNDER THE PERVIEW OF TAXABLE INCOME
2. IF YES HOW TO INVEST THE MONEY SAVE CAPITAL GAIN TAX
3. OR PURCHASE ANOTHER AGRICULTURAL LAND
4.PURCHASE OF RESIDENTIAL HOUSE PROPERTY
PLEASE SUGGEST ME
THANK YOU
25 January 2025
1. Yes.
2. Capital gain bonds u/s. 54EC.
3 & 4. Both eligible.
2. Capital gain bonds u/s. 54EC.
3 & 4. Both eligible.
25 January 2025
THANK YOU FOR YOUR QUICK REPLY,
IF CIRCLE RATE OF THE OLD PROPERTY'S HOW TO CALCULATE IS 2001 RATE WILL BE APPLICABLE.
TDS SHOULD BE DEDUCTED U/S 194IC IS APPLICABLE
REGARDS
THANK YOU
IF CIRCLE RATE OF THE OLD PROPERTY'S HOW TO CALCULATE IS 2001 RATE WILL BE APPLICABLE.
TDS SHOULD BE DEDUCTED U/S 194IC IS APPLICABLE
REGARDS
THANK YOU
25 January 2025
1. Yes, circle rate as on 01.04.2001.
2. TDS will be applicable u/s. 194 IA over sell of urban agricultural land.
2. TDS will be applicable u/s. 194 IA over sell of urban agricultural land.
25 January 2025
THANK YOU SIR
FOR YOUR REPLY
FOR YOUR REPLY
25 January 2025
You are welcome.
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