Dear All
I father just sale Agriculture Land as he recived as per Bombay act-1948 so could some one post their coments about said money investment or let me know what is the best investment as far has Agricultural Income has concern???
Regards,
Narendra..
Dear Naren,
Sale of Agri land is not an agricultural income. If the land is situated within eight kilometre from the Corporation limit then the said sale is subject to capital gains. However, if you invest the gains in purchasing another agri land then it is exempted,otherwise you may invest the gains in the Rural Electrification Bonds.
I agree with kanagaraj .
You can purchase agriculture land in rural area ie, population of that area is below 10000 according to last sensus.
Benifit is sale of that same is not attracted to capital gain.
A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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