Capital gain

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AN ASSESSEE SOLD AGRICULTURE LAND with in 8 km of local limit of municipality so as per sec 2(14) not exempt AND PURCHASED AGRICULTURE LAND ON HIS SON’S NAME DUE TO UNAVOIDABLE FAMILY MATTER CAN HE CLAIM EXEMPTION U/S 54B HE CAN NOT CHANGE THE PURCHASE REGISTRY AGREEMENT DUE TO FAMILY MATTER IS THERE ANY OTHER WAY TO SAVE CAPITAL GAIN ON ABOVE CASE

Read more at: /forum/details.asp?quote=1086241&mod_id=227881#reply
AN ASSESSEE SOLD AGRICULTURE LAND with in 8 km of local limit of municipality so as per sec 2(14) not exempt AND PURCHASED AGRICULTURE LAND ON HIS SON’S NAME DUE TO UNAVOIDABLE FAMILY MATTER CAN HE CLAIM EXEMPTION U/S 54B HE CAN NOT CHANGE THE PURCHASE REGISTRY AGREEMENT DUE TO FAMILY MATTER IS THERE ANY OTHER WAY TO SAVE CAPITAL GAIN ON ABOVE CASE

Read more at: /forum/details.asp?quote=1086241&mod_id=227881#reply
AN ASSESSEE SOLD AGRICULTURE LAND with in 8 km of local limit of municipality so as per sec 2(14) not exempt AND PURCHASED AGRICULTURE LAND ON HIS SON’S NAME DUE TO UNAVOIDABLE FAMILY MATTER CAN HE CLAIM EXEMPTION U/S 54B HE CAN NOT CHANGE THE PURCHASE REGISTRY AGREEMENT DUE TO FAMILY MATTER IS THERE ANY OTHER WAY TO SAVE CAPITAL GAIN ON ABOVE CASE

Read more at: /forum/details.asp?quote=1086241&mod_id=227881#reply
AN ASSESSEE SOLD AGRICULTURE LAND with in 8 km of local limit of municipality so as per sec 2(14) not exempt AND PURCHASED AGRICULTURE LAND ON HIS SON’S NAME DUE TO UNAVOIDABLE FAMILY MATTER CAN HE CLAIM EXEMPTION U/S 54B HE CAN NOT CHANGE THE PURCHASE REGISTRY AGREEMENT DUE TO FAMILY MATTER IS THERE ANY OTHER WAY TO SAVE CAPITAL GAIN ON ABOVE CASE

Read more at: /forum/details.asp?quote=1086241&mod_id=227881#reply
AN ASSESSEE SOLD AGRICULTURE LAND with in 8 km of local limit of municipality so as per sec 2(14) not exempt AND PURCHASED AGRICULTURE LAND ON HIS SON’S NAME DUE TO UNAVOIDABLE FAMILY MATTER CAN HE CLAIM EXEMPTION U/S 54B HE CAN NOT CHANGE THE PURCHASE REGISTRY AGREEMENT DUE TO FAMILY MATTER IS THERE ANY OTHER WAY TO SAVE CAPITAL GAIN ON ABOVE CASE

Read more at: /forum/details.asp?quote=1086241&mod_id=227881#reply

AN ASSESSEE (FATHER) SOLD AGRICULTURE LAND with in 8 km of local limit of municipality so as per sec 2(14) not exempt AND PURCHASED AGRICULTURE LAND ON HIS SON’S NAME DUE TO UNAVOIDABLE FAMILY MATTER

CAN HE CLAIM EXEMPTION U/S 54B

HE CAN NOT CHANGE THE PURCHASE REGISTRY AGREEMENT DUE TO FAMILY MATTER

IS THERE ANY OTHER WAY TO SAVE CAPITAL GAIN ON ABOVE CASE

 

Replies (1)

No there is no way to prevent the assessee from paying the tax on Capital Gain. However he wouldn't had to pay tax if he registered the property in the name himself or as a co-owner with son.

 

Refer -> https://cagroupindia.com/student/ca-final/group-ii-ca-final/direct-tax-laws/case-laws/cit-vs-gurnam-singh2010/

 

- Ruben Balooni

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