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capital gains

27 June 2017

my father age about 76yrs. sold his paternal agriculture property for about 10 lacs in Nov.2016. Is there any income tax liability on him ? If yes, how can he save this?

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7 Replies

Deval M. Thakkar (Student CA Final and Article Assistant at Talati & Talati Ahmedabad) (368 Points)
Replied 27 June 2017

the land is rural agricultural land or urban...??

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sanjay shukla (9 Points)
Replied 27 June 2017

rural agriculture land sir

Deval M. Thakkar (Student CA Final and Article Assistant at Talati & Talati Ahmedabad) (368 Points)
Replied 27 June 2017

then it is exempt

sanjay shukla (9 Points)
Replied 27 June 2017

thanks sir

Rahmatullah Shad (13 Points)
Replied 27 June 2017

Tax on Sale of Agricultural Land & Section 54B Exemption

Agricultural Land is a land on which agricultural activities are carried out. This article focuses on the tax which would be levied on the capital gains arising on the sale of agricultural land in India.

An agricultural land may either be situated in a rural area or situated in a Non Rural area. The tax implication will differ in both the cases.

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sanjay shukla (9 Points)
Replied 28 June 2017

exemption under which section?
I couldn't find the section 54B.
Where my father will show that amount filing ITR for AY2017-2018 ?