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Land sold

NITINBHAI PATEL (B.Com) (192 Points)

15 July 2018

Dera Sir,

we have sold our land in feb month and invested in may month bought new land.

how to show land sold entry have we to pay long term capital gain?

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3 Replies

rama krishnan (12234 Points)
Replied 15 July 2018

construct a residential house on the new land purchased within 3 years from the date of sale of land. then subject to the conditions you can claim 54F deduction. or deposit the capital gain amount in 54EC bonds to avoid ltcg tax

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Anjali P Nair (ACA,ACMA) (582 Points)
Replied 15 July 2018

If u have sold rural agricultural land it is not taxable(exempted).There won't be any capital gain.

1. If u have sold any of your long term agricultural land and u have purchased another agricultural land with in 2 years from the date of transfer ucan claim exemption under section 54 B.

2.Otherwise u have to construct a residential house with in 3 years in that land and claim exemption under section 54 F.

rama krishnan (12234 Points)
Replied 15 July 2018

if it's agricultural land then it's exempted there's no necessity to invest it in another agricultural land unless the property sold by you is Urban agricultural land

1 Like