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Tax liability
In the f.y. 2011-12,
Income -
Rent- 36000
Interest on unsecured loan- 48084
Net profit- 107200
Tds on int- 4808
Agriculture Land sale rs. 1150000 Dt. 25-11-11 which purchase of rs. 916500 Dt. 20-02-09
Asseey is senior citizen
What will be overall tax liability create? & capital gain?
Replies (7)
Hi there,
Here is the answere for you query
1. Income from House Property.
Annual Letable Value 36000
Less:Deduction u/s 24
Statutory Deduction of 30% 10800
Property Income From 25200
2. income from business 107200
3. income from other sources 48084
Total Income 180484
Income Tax on above income Nil (within exemption slab
of 250000)
Tax refundable 4808
Note: agricultral land is an exemted capital asset so no capital gain will arise on sale of agricultral land (asumed to be in rural area)
In case of rent it is assumed to be Gross annual value.
Hope it will solve your query
Thanks
Thanks sir...
Bt according to section 54 b, capital gain on agriculture land exempt when assessee purchase new agriculture land within 2 years of transfer agriculture land.
If I m right than tax liability is created on land sale, bcoz new agriculture land not purchased.
i think sale of agriculture is taxable until n unless it satisfy the cond. of 54b
When rural agricultral land is not an capital asset how can u calculate capital gain on it ?
and deepak ji as per Section 54B deals with CAPITAL GAIN ON TRANSFER OF LAND
USED FOR AGRICULTURAL PURPOSES ( that is urban agricultural land not rural).
In case ur agricultural land is situated in urban area then capital gain arising on it will be taxable.
ok, nothing is mention ithere so i hav assumed it as urban
Yes, it is urban agriculture land..what will be all tax liability?
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