Section 54
This query is : Resolved
01 March 2019
Hello,
I have a query regarding the below mentioned case, opinions/suggestion/solutions are welcomed.
Case:
1) A person named "A" sold his agricultural property and got the proceeds from the sale
2) "A" lived in a co-operative society which went for redevelopment. "A" in agreement with the developer paid Rs.50 lakhs for additional room in the redeveloped building.
Now, can "A" utilise the proceeds of agricultural property sold for paying Rs.50 lakhs and subsequently does not have to pay capital gain tax on agricultural property sold?????
I have a query regarding the below mentioned case, opinions/suggestion/solutions are welcomed.
Case:
1) A person named "A" sold his agricultural property and got the proceeds from the sale
2) "A" lived in a co-operative society which went for redevelopment. "A" in agreement with the developer paid Rs.50 lakhs for additional room in the redeveloped building.
Now, can "A" utilise the proceeds of agricultural property sold for paying Rs.50 lakhs and subsequently does not have to pay capital gain tax on agricultural property sold?????
05 March 2019
Yes. Purchase of additional room shall be treated as investment in residential house.
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