Sale of agriculture land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 April 2012
Dear expert,
One of my client had sold his agriculture land which is in rural area (out of municipal area) for Rs. 1300000/-.
My query is that, whether can he use the above mentioned sum in his personal use like daughter`s marriage or he has to invest the said amount in purchase of another agriculture land to avoid capital gain.
Please advise me
One of my client had sold his agriculture land which is in rural area (out of municipal area) for Rs. 1300000/-.
My query is that, whether can he use the above mentioned sum in his personal use like daughter`s marriage or he has to invest the said amount in purchase of another agriculture land to avoid capital gain.
Please advise me
30 April 2012
Gain on sale of agricultural land in rural areas as defined by the IT act exempted from tax and no need to satisfy any other conditions. So No doubt at all he can utilize such amount for his personal use.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 April 2012
So, he need not to invest in land?
30 April 2012
Yes, He need not to invest in any land.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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