Capital gain on sale of agriculature land.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2015 DEAR EXPERT,
MY CONFUSION IS THAT , ONE OF MY CLIENT SALS AGRICULTURE LAND BY HIS FATHER MY CLINET NAME NOT MENTINED IN 7/12. PURCHARSE HAS GIVEN CHQ.IN MY CLIENT SAVING A/C. RS.5.00 LACS AND SOME CHQ. IN HIS FATHER A/C.

NOW, I HAVE FILLED HIS PREVIOUS RETURN IN NO BOOKS. NOW P.Y.2013-14. MY CLIENT A/C. RS.500000/- CREDITED FOR SALE OF LAND BY HIS FATHER.

THEN , HOW TO CONSIDERED HIS INCOME ??
DOES EFFECT THE CAPITAL GAIN IN MY CLIENTS CASE?? OR NOT.

BECAUSE MY CLINET IS SON OF OF SELLER, NOT NAME IN 7-12 UTARA.

IF HE EFFECT CAPITAL GAIN TAX OR NOT ?

OR I HAVE CONSIDERED IN TOTAL TURNOVER OF MY CLIENTS.

PL. SOLVE THE ABOVE.??

CA Jayesh Karia

CA Jayesh Karia (Expert)
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11 March 2015 Hello,Your client have to pay Short/long term capital gain on the sale of such Agriculture Land only if Sale deed has been made in your client's name. You can take benefit of exemption provided U/s 54B of Income Tax Act by complying with the provision mentioned there.

CA Jayesh Karia

CA Jayesh Karia (Expert)
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11 March 2015 Hello,

Your client has to pay Short/long term capital gain as the case may be on the sale of such Agriculture Land only if Sale deed has been made in your client's name. You can take benefit of exemption provided U/s 54B of Income Tax Act by complying with the provision mentioned there.

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