Dear Sir
is TDS Applicable or not On Purchase of Agriculture Land ?
Thanks
Anoop Jain
13 Replies
CA Shubham SIngla
(Proprietor)
(24 Points)
Replied 15 March 2022
No tds is applicable for purchase of agriculture land.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 15 March 2022
Any person purchasing immovable property ( other than rural agricultural land) of Rs. 50 lac or more is required to deduct tax @ 1% from the payment made to seller. This new rule (Section 194IA of the Income Tax Act) introduced in the budget this year, is applicable from June1, 2013
Agriculture Land is specifically excluded
Agriculture Land is specifically excluded
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 23 June 2022
Tax is not applicable on rural agricultural land
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 23 June 2022
If rural agriculture land then only TDS not applicable.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 26 June 2022
If it is urban agriculture land and sale value exceeds 50lakhs then Tds @ 1% u/s 194IA is applicable
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 26 June 2022
You already replied that earlier
vijay ggduydyfh,tdy8yzHut7tdtt
(12 Points)
Replied 29 July 2022
Dear Sir,
My boss purchased urban agricultural land of 3 acers in the year 2007 for Rs. 7.6L, and sold the same land on April 2021 for Rs. 82.22L. Also he didnt invest that amount any were till date.
What is the tax amount on capital gain? and if we pay the tax on Aug'2022 what is the interest.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 01 August 2022
You need to pay total tax of 14.35 lakhs
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 02 August 2022
@ Anoop,
You didn't give information about rural or urban agricultural land
You didn't give information about rural or urban agricultural land
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 02 August 2022
He already saidurban agricultural land
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