Tax exemption on rural non-agriculture land
This query is : Resolved
10 January 2023
Dear Sir,
On selling rural non-agriculture land into various plots on different dates.
Can I exempt capital gain on purchasing new agriculture land within 2 years?
How to exempt taxes by other ways?
Please clear.
On selling rural non-agriculture land into various plots on different dates.
Can I exempt capital gain on purchasing new agriculture land within 2 years?
How to exempt taxes by other ways?
Please clear.
10 January 2023
1. No. Purchasing of new agricultural land will not be eligible for deduction in this case.
2. Investment in Sec. 54EC bond, or purchase of any house property (if eligible u/s. 54F) will be suitable options for LTCG arrived from the sell of plots.
2. Investment in Sec. 54EC bond, or purchase of any house property (if eligible u/s. 54F) will be suitable options for LTCG arrived from the sell of plots.
11 January 2023
Thanks Sir, for your valuable reply..
11 January 2023
My Pleasure..
11 January 2023
Dear Sir,
1) The land(22yrs old) is inherited that came in my name 4 years ago. So LTCG computation will effect from actual purchasing date or from came in name date or from conversion of use land date?
2) Will I have to invest all capital gain amount or only 20% of capital gain amount in sec 54EC bonds & 54F, as you said.
3) How much amount can invest in one financial year in bonds? Is any overall limit.
4) Can I buy agriculture land in remaining all 80% of capital gain?
5) What means of purchasing house property?
1) The land(22yrs old) is inherited that came in my name 4 years ago. So LTCG computation will effect from actual purchasing date or from came in name date or from conversion of use land date?
2) Will I have to invest all capital gain amount or only 20% of capital gain amount in sec 54EC bonds & 54F, as you said.
3) How much amount can invest in one financial year in bonds? Is any overall limit.
4) Can I buy agriculture land in remaining all 80% of capital gain?
5) What means of purchasing house property?
11 January 2023
Whether the land was non agricultural from the origin?
Or was converted to NA afterwords? if yes, when?
Or was converted to NA afterwords? if yes, when?
11 January 2023
Original land was agricultural since 2000-2021 & converted in 2022.
11 January 2023
1. There will be long term capital gain from 2000 to 2021. STCG after that.
2. & 3. sec. 54EC is investment over gain amount. Max limit is 50 lakhs. while sec. 54F investment is on the total receipts... no limit...
4. Not eligible now.
2. & 3. sec. 54EC is investment over gain amount. Max limit is 50 lakhs. while sec. 54F investment is on the total receipts... no limit...
4. Not eligible now.
11 January 2023
So in this scenario, I can not purchase agricultural land any how.
11 January 2023
There is no restriction on purchase, but you cannot claim deduction u/s.54B of the IT act...
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