Sale of commercial shop and purchase of agricultural land
This query is : Resolved
08 January 2015
We are the owner of a commercial shop in Bombay City and we want to sell this shop. If we sell the said shop and if the money received after selling the said shop is used for purchasing some agricultural land.
Will any type of tax liability will arrive on capital gain ? I think there should not be any tax liability even on capital gain as the 100% capital gain too shall be used for purchasing the agricultural land only. Please clarify the point.
Will any type of tax liability will arrive on capital gain ? I think there should not be any tax liability even on capital gain as the 100% capital gain too shall be used for purchasing the agricultural land only. Please clarify the point.
08 January 2015
Capital gain tax payable on such sale. No exemption is available from capital gain on purchasing agricultural land out of sale of commercial shop.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Not able to file ITR
- Reporting of STCG on Property in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
