More quantitative details are required for correct opinion.

Sir

As per Sec 54 of ITA

LTCG from the sale of residential property is exempt to the extent it is utilised in acquiring another residential property.

In your case since u have utilised the LTGC in acquiring residential property SEC 54 is applicable

& hence LTCG of Rs.5,00,000 is exempt.

 Also it is necessary to show the working in the ITR  2.

Originally posted by : Hardik
	Sir As per Sec 54 of ITA LTCG from the sale of residential property is exempt to the extent it is utilised in acquiring another residential property. In your case since u have utilised the LTGC in acquiring residential property SEC 54 is applicable & hence LTCG of 5,00,000 is exempt.  Also it is necessary to show the working in the ITR  2.

Agree with above

i sold my agriculture land for rs 34 lacs. i have not shown agriculture income in my I T return in previous year. the land was purchased by my father in my name about 30 years back in joint name of my brother & my mother. mother was expired. the cost was around Rs 1000/-

whether i have to pay LTCG tax on this land ?

whether i purchase another residential property say flat in my name to save the LTCG tax?

pl advise me

narendra

Originally posted by : Narendra Kumar Vanigota
	i sold my agriculture land for34 lacs. i have not shown agriculture income in my I T return in previous year. the land was purchased by my father in my name about 30 years back in joint name of my brother & my mother. mother was expired. the cost was around1000/- whether i have to pay LTCG tax on this land ? whether i purchase another residential property say flat in my name to save the LTCG tax? pl advise me narendra

sir,

u can avail an exemption u/s 54B in case the land was used fr agricultural purpose before 2 years from date of tranfer by u or ur parents...u have to buy a new agricultural land to avail the exemption..

or u can opt fr 54F by buying a new residential house property....

regards!!

Originally posted by : Sunshine...
	Originally posted by : Narendra Kumar Vanigota i sold my agriculture land for34 lacs. i have not shown agriculture income in my I T return in previous year. the land was purchased by my father in my name about 30 years back in joint name of my brother & my mother. mother was expired. the cost was around1000/- whether i have to pay LTCG tax on this land ? whether i purchase another residential property say flat in my name to save the LTCG tax? pl advise me narendra sir,   u can avail an exemption u/s 54B in case the land was used fr agricultural purpose before 2 years from date of tranfer by u or ur parents...u have to buy a new agricultural land to avail the exemption..   or u can opt fr 54F by buying a new residential house property....   regards!!

Sir

If the mentioned agricultural land was located in rural area in that case it is not an Capital Asset U/s 2(14) and therefore sec 54B/54F are not applicable.

Secondly ,in case sec 54F/54B whole of the SALES PROCEED is to be invested to claim 100% deduction from LTCG or else exemption is to be proportionately reduced.

Also certain conditions provided in the said sections are to be fulfilled before claiming exemption.

Regards

Hardik

Agree with Mr. Hardik

iF it's in rural area den der is no capital gain....

If it's in urban area then u wil have to pay LTCG . HOWEVER U CAN CLAIM EXEMPTION U/S 54B IF YOU buy  any  other agricultural land.

u can also claim proportionate exemption u/s 54F  if u buy ny residential house.

I also agree with hardik's opinion............................

I would like to thank all for their help on my query.

Mohan

YA... AGREE WITH HARDIK