Urban agricultural land sale
This query is : Resolved
SATISH DHAUNDIYAL
(Querist)
23 December 2015
Respected Sir
Assessee has purchase an urban agriclutred land in 2003-04 FY Year of Rs. 17 lacs
and sold the same in 2013-14 fy for rs. 2 crore.
Assessee deposit of rs. 181 lcas capital gain account for reinvest of new agriculture land
But assessee not reinvest agriculture land its tax paid current financial year, so interest and penalty applicable or not, please suggest.
Assessee has purchase an urban agriclutred land in 2003-04 FY Year of Rs. 17 lacs
and sold the same in 2013-14 fy for rs. 2 crore.
Assessee deposit of rs. 181 lcas capital gain account for reinvest of new agriculture land
But assessee not reinvest agriculture land its tax paid current financial year, so interest and penalty applicable or not, please suggest.
CA R SEETHARAMAN
(Expert)
23 December 2015
No interest and penalty applicable.
CA PARAS BAFNA
(Expert)
23 December 2015
In this case the Capital Gains are assessable in the year in which 2 years from the date of transfer are completed. In your case interest and penalty is not applicable provided you have/ will pay advance tax in time.
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