Capital gain on agriculture land
This query is : Open
28 July 2016
CAN WE REINVEST IN RESIDENTIAL PLOT TO SAVE CAPITAL GAIN ON SALE OF AGRICULTURE LAND
28 July 2016
Rural Agriculture land is not capital asset [Refer section 2(14)]. Ensure that agriculture does not fall under stock-in-trade [refer section 45(2)]. There is no capital gain on sale of rural agricultural land.
There is no requirement of investment on sale of rural agricultural land. In case of sale of urban agricultural land [Refer section 2(14)], the same may attract capital gains. A deduction u/s 54B is available on investment in either rural or urban agricultural land subject to provisions of section 54B.
There is no requirement of investment on sale of rural agricultural land. In case of sale of urban agricultural land [Refer section 2(14)], the same may attract capital gains. A deduction u/s 54B is available on investment in either rural or urban agricultural land subject to provisions of section 54B.
28 July 2016
can we investment in residential plot at sale of urban agriculture land
28 July 2016
Yes under section 54F of the Income Tax subject to provisions contained therein.
28 July 2016
sir please solve these query about 54F
1. can we buy only plot ?
2. is it complusory construction on it ?
3.what is limit number of housing property to buy ?
4 can we buy more than one housing property?
5 if any one have alredy a house property can he get benefit of 54F ?
1. can we buy only plot ?
2. is it complusory construction on it ?
3.what is limit number of housing property to buy ?
4 can we buy more than one housing property?
5 if any one have alredy a house property can he get benefit of 54F ?
28 July 2016
1. exemption u/s 54F is available for purchase or construction of residential property.
2. As above.
3. One residential house.
4. As above.
5. Can hold one residential property other than that is going to acquire for the purpose of section 54F.
Refer section 54F for your benefit.
2. As above.
3. One residential house.
4. As above.
5. Can hold one residential property other than that is going to acquire for the purpose of section 54F.
Refer section 54F for your benefit.
Message likes :
1 times
28 July 2016
THANKS SIR
PLEASE TELL ME THAT IS THERE ARE ANY OPTION TO SAVE CAPITAL GAIN AT SALE OF URBAN AGRICULTURE LAND IF I HAVE ALREDY HOUSE PROPERTY CAN NOT INNVEST IN IT
PLEASE TELL ME THAT IS THERE ARE ANY OPTION TO SAVE CAPITAL GAIN AT SALE OF URBAN AGRICULTURE LAND IF I HAVE ALREDY HOUSE PROPERTY CAN NOT INNVEST IN IT
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
