sale of agriculture land received by way of inheritance is exempt from income tax
pl advise
rural agricultural land is not a capital assest so no capital gain and Tax
Satish Kavitake (389 Points)
20 August 2018
Sarath Rajendran
(Nil)
(2791 Points)
Replied 20 August 2018
rural agricultural land is not a capital assest so no capital gain and Tax
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 20 August 2018
Conditions for claiming exemption of capital gain:
1. 2 years prior to sale it was used for agricultural purpose by assessee or parents of assessee or HUF
2. New agricultural land shall be purchased from sale consideration within 2 years of sale
3. And if new asset purchased is sold within 3 years of purchase its cost for calculation of capital gain will be NIL if Cost of new asset is less than Capital gain
4. If cost of new asset is > Capital gain then sale of new asset within 3 years of purchase cost shall be reduced by Capital gain
5. Such gain if not used as above before filing return of the year in which gain incurred before due date then it shall be deposited and proof of such deposit shall be attached with return
6. If within 2 years amount is not utilised for purchase as above it will charged to tax as income in the year in which 2 years period gets over and assessee can withdraw the deposited amount as per scheme deposited in
CA P V N Varma
(CA )
(609 Points)
Replied 20 August 2018
Satish Kavitake
(389 Points)
Replied 20 August 2018
CA P V N Varma
(CA )
(609 Points)
Replied 20 August 2018
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
