srinivasan ak (149 Points)
23 July 2019Hi,
As per exemption 54 EC ,bank deposit option is not there. Assuming X transfers long term capital asset on 31st March 2019 and has capital gain and he has 6 months time period to invest in notifed bonds to claim exemption under 54EC but his due date of filing return is 31 st July and as on 31 st July he has not invested in any notified bonds then what will be his tax consequences for the financial year 2018- 19.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178001 Points)
Replied 24 July 2019
1. Well, firstly the due date has been extended to 31.08.2019.
2. Secondly there is an option but no one is interested to follow that, so better to complete the formality before filling the return.
srinivasan ak
(149 Points)
Replied 28 February 2020
Sir,
A query. Please clarify.
Am i right to say that sale of agricultural land is agricultural income? as it is mentioned in the act that any rent or revenue derived from land situated in india and used for agricultural purposes is agricultural income.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178001 Points)
Replied 29 February 2020
There is vast difference between income and gain.
Sale of land which is treated as an asset is considered under capital gains and is not agricultural income.
However RURAL Agricultural land is not considered as capital asset, and any gain arising over its sale is not liable for capital gains; means its tax exempt... While not the same if urban agricultural land.
Urban agricultural is a land means the following:
1) Land in any area which is within the jurisdiction of a municipality or cantonment board and have a population upto 10,000. OR
2) Land in any area within such distance, measured aerially, in relation to the range of population:
| Shortest distance from limits mentioned in 1) | Population |
| Upto 2 km | >10,000 and upto 1,00,000 |
| Upto 6 km | >1,00,000 and upto 10,00,000 |
| Upto 8 km | >10,00,000 |
The population referred above is to be considered as per the immediately preceding population census.
srinivasan ak
(149 Points)
Replied 29 February 2020
Excellent sir...thanks very many...
Regards
A.K.Srinivasan
srinivasan ak
(149 Points)
Replied 02 March 2020
Is the answer right...? I am removing GST on the total of Rs.11,80,000.
Which includes commission and freight. Here already GST would have been paid by recipient ofcommission and again if it is included in the value of taxable supply then will it not result in GST being paid twice to government on the same commission amount?
CAclubindia
