02 March 2010
if Mr.abc sell his agriculture land situated at urban area which he gets from his Father by operation of law ie as a coparcener from HUF then
1. Can he will liable to pay tax 2. Can he will get exemption if he purchase new land at village area which is non agriculture land 3. Can he will get Exemption if he construct a new house property 4. Can He will get exemption if he invest his money in construction business 5. Can he will purchase a new shop & give it on Rent
Please give me answer or mail me at kaustubhraut486@rediffmail.com
03 March 2010
1.he will be liable for tax. 2. he will get exemption only if he purchase agriculture land whether urban or rural. 3. he can claim deduction u/s 54 F if other conditions mention therein satisfied. 4. no exemption if he invest his money in construction business. 5.no exemption
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