Capital Gains on agricultural land
This query is : Resolved
03 March 2008
Mr. X has purchased 3.00 Acres of agricultural land for Rs. 3.00 lakhs in May,2004. The said land is within panchayat limits and more than 8 Kms from a town/city. He has sold the said agricultural land for Rs. 18.00 lakhs in December, 2005. Is there any liability for capital gains tax?
PRASAD
PRASAD
03 March 2008
sir,
from the details I understand that the agri land is outside notified area - So if Mr X can prove that he was using the said land for agri purposes at the time of transfer , he need not worry about any liability towards capital gains. This is because as per definition , agri land is not a capital asset.
from the details I understand that the agri land is outside notified area - So if Mr X can prove that he was using the said land for agri purposes at the time of transfer , he need not worry about any liability towards capital gains. This is because as per definition , agri land is not a capital asset.
03 March 2008
LAND IS NOT AN AGRICULTURE LAND IF IT IS SITUATED WITHIN 8 KMS FROM THE LIMITS OF MUNICIPALITY OR CANTOMENT BOARD OR HAVE A POPULATION OF MORE THAN 10000.PANCHAYAT LIMIT ARE NOT CONSIDERED FOR CAPITAL GAIN PURPOSE.AND BEING AGRICULTURE LAND SUCH LAND IS NOT A CAPITAL ASSET AND ANY TRANSFER OF SUCH LAND DOES NOT ATTRACT CAPITAL GAIN
04 March 2008
Is there any Tribunal or court decision for the above matter?
04 March 2008
THE DEFINATION OF CAPITAL ASSET ITSELF CLEARS THIS POINT
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?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST Regis.
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
