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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2012 So, he need not to invest in land?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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30 April 2012 Yes, He need not to invest in any land.

OM SAI SRI SAI JAI JAI SAI

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