Sale of agricultural land
Hello, My mother has sold agricultural land in a village. Since it is an agricultural land, it doesn't come under capital gains. But do we compulsory need to buy an agri/residential property to save tax or it is straight away exempt. Also what will be tax implications if we keep the money in FD for time being till we buy a residential house.
Replies (1)
It is not capital asset hence no capital gain tax liability. Only interest will taxable if you put money in FD account and there is no other implication.
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