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Capital gain tax reg


SDR ASSOCIATES   22 June 2020

SDR ASSOCIATES

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my client example A = mother and B is Daughter A got 30 Lacs amount received from agri land sale and she wants to give that amount gift to her daughter B and B also want to purchase agri land and in that I have one doubt if A will give 30 Lacs through bank account to her daughter's bank account income tax will liable or not
shadab shaikh

shadab shaikh   22 June 2020

shadab shaikh

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Sale of agricultural land located in urban area will be taxable and sale of agricultural land located in rural area used for agricultural purposes is exempted since rural agricultural land is not covered under section 2(14) of income tax act so if your client has an urban agriculture land than 30lacs will attract LTCG in the hand of mother and transfer of money Rs 30L from mother to daughter is covered under exceptions of sec 56(2)(10) of income tax act and 30L TRF is not taxable .
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SDR ASSOCIATES

SDR ASSOCIATES   22 June 2020

SDR ASSOCIATES

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The land is in rural area
shadab shaikh

shadab shaikh   22 June 2020

shadab shaikh

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So the amount received 30L will be exempt as rural agricultural is not a capital asset under sec 2(14) and TRF to daughter 30L is exempt
SDR ASSOCIATES

SDR ASSOCIATES   23 June 2020

SDR ASSOCIATES

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K thank u sir

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