SALE OF LAND purchase value if ancestral property
This query is : Resolved
VIKAS KUMAR SHARMA
(Querist)
28 January 2022
Sir one of my client's mother(62 years) got share of agriculture land from her father's ancestral property in 1987 Now last year she sold that share in small plots which can't be treated as agriculture and the value approximately 1cr. Nature of land has not been changed.
Please advise how can save tax and what will be its purchase value CG purpose
regards
Vikas
Please advise how can save tax and what will be its purchase value CG purpose
regards
Vikas
Dhirajlal Rambhia
(Expert)
28 January 2022
For purchase value circle rate of the land as on 01.04.2001 should be taken.
For saving LTCG, she can take advantage of exemption u/s. 54EC & sec. 54F of IT act.
For saving LTCG, she can take advantage of exemption u/s. 54EC & sec. 54F of IT act.
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