tag:blogger.com,1999:blog-2004257931445490362.post5528230440352937277..comments2024-03-26T15:10:46.095+05:30Comments on SIMPLE TAX INDIA: Capital Gain Exemption on Sale of Agricultural landRAJ KUMARIhttp://www.blogger.com/profile/12854260124513086419noreply@blogger.comBlogger75125tag:blogger.com,1999:blog-2004257931445490362.post-73048555822693798622023-05-04T18:12:06.053+05:302023-05-04T18:12:06.053+05:30Your blog post is a delightful read, and I find yo...Your blog post is a delightful read, and I find your argument on Finacus being the best banking solution compelling. Finacus stands out among its competitors due to its extensive range of specialized solutions and user-friendly interface.<br /><a href="https://www.finacus.co.in/products/" rel="nofollow">Banking Solutions</a>Finacushttps://www.blogger.com/profile/08411436601301974348noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-43927229480214605132018-02-15T05:10:56.372+05:302018-02-15T05:10:56.372+05:30
dear sir - i have sold a land in Fy 201-13 which...<br />dear sir - i have sold a land in Fy 201-13 which is situated 3 km from local limit and population of said village is 18000.<br /><br />Is it capital asset for CG ?????<br /><br />PRITESH JAIN<br />Anonymoushttps://www.blogger.com/profile/12688669041218994181noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-37046777775286390582016-04-16T17:55:50.722+05:302016-04-16T17:55:50.722+05:30when i was a minor in 1975 my father purchase a la...when i was a minor in 1975 my father purchase a land in the name of me and i became a major in 1988. in the year 2015 i have sold that land and earned capital gains from that. Now which year i can take as indexation for cost of land acquisition for computing of capital gains <br />Anonymoushttps://www.blogger.com/profile/05238780768043671448noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-82053605395517926812016-03-03T10:04:54.367+05:302016-03-03T10:04:54.367+05:30Satakhat is an agreement to sell but actual sale i...Satakhat is an agreement to sell but actual sale is happened on registration ,as the registration has been done after conversion so in our view capital gain is applicable in this caseRAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-54290953575569400032016-03-02T12:29:50.370+05:302016-03-02T12:29:50.370+05:30My friend made satakhat of agriculture land in 201...My friend made satakhat of agriculture land in 2010-11<br />And sale deed was made in 2011-12 but before made sale deed and after made satakhat agriculture land is converted in non agricultural so is it liable for capital gain or not??Xyzhttps://www.blogger.com/profile/10201500366036053709noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-80496885419828676202015-10-15T16:50:41.024+05:302015-10-15T16:50:41.024+05:30All rural agriculture land is exempted from Income...All rural agriculture land is exempted from Income tax RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-6777941009679858672015-10-15T16:48:12.470+05:302015-10-15T16:48:12.470+05:30dear sir,
i have heard that sale o...dear sir, <br /> i have heard that sale of all types of agricultural land is not exempt from tax. KOOL,<br /> GHASNI and banjar is taxable. PLease Clarify.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-72009226157418392802015-10-02T11:34:28.085+05:302015-10-02T11:34:28.085+05:30No ,Rural agriculture land is not a "capital...No ,Rural agriculture land is not a "capital asset "and so out of the preview of Income tax .<br />No capital gain is applicable on rural agriculture land ,holding period is irrelevant for rurual agriculture land RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-15432797978918551762015-10-01T14:20:35.718+05:302015-10-01T14:20:35.718+05:30we have purchased an agricultural land in 2010 and...we have purchased an agricultural land in 2010 and we had sold land in 2012 with in 2 years. we hold it 1.8 years, so any capital gain applicable for that land. agricultural land is capital asset???<br /><br />land is situated 12 kilometers from municipality area.<br />population of village is 1500.Anonymoushttps://www.blogger.com/profile/06494417800554967530noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-89945840100920639752015-09-08T00:13:28.245+05:302015-09-08T00:13:28.245+05:30sir,
sir ,if the agricultural land notified as - ...sir,<br /><br />sir ,if the agricultural land notified as - "grade of local body is rural " and also inheritance property, is capital gain tax applicable at sale.<br /><br /><br /> Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-86869559208366285492015-09-07T21:39:56.892+05:302015-09-07T21:39:56.892+05:30Under which section profit on sale of rural agricu...Under which section profit on sale of rural agricultural land is exempt?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-19450279269987893142015-09-07T11:20:28.942+05:302015-09-07T11:20:28.942+05:30There is no specific provision to find out the cos...There is no specific provision to find out the cost of such converted non-agricultural land. Hence, the cost of agricultural land would be the cost of non-agricultural land. <br /><br />however we recommend you to consult your tax advisor as this issue requires professional Judgement.RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-66897632119772962652015-09-07T01:30:50.063+05:302015-09-07T01:30:50.063+05:30#*# Ancestral rural agriculture land (non capital ...#*# Ancestral rural agriculture land (non capital assest) was coverted to Non Agriculture (NA) in 2011, and then sold in 2015. Now while computing capitail gain, acqisition cost should be (a) cost of land in 1981 OR (b) cost of land in 2011?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-34622627829453045362015-08-31T00:03:02.754+05:302015-08-31T00:03:02.754+05:30Loss from a source which is exempted under income ...Loss from a source which is exempted under income tax can not be set off with any other Income or carry forwarded .<br />Further if in present case ,gain has been earned then as I have already informed you, it is to be entered in EI sr no 5 not in Sr no -4RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-7303646213667224212015-08-30T23:18:44.172+05:302015-08-30T23:18:44.172+05:30This gives rise to following 2 questions further.
...This gives rise to following 2 questions further.<br /><br />Q-1: How to recover the capital loss incurred due to compulsory acquisition. ITR2 don't have provision to report these (negative number are not allowed in 4(i) of EI sheet. Is there a way this can be carried forward to be reported in EI sheet under 4(iii) of ITR2 in next FY.<br /><br />Q-2: In case of capital gain is positive due toAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-29819122080331845632015-08-30T21:20:40.893+05:302015-08-30T21:20:40.893+05:30Yes....,,,,One more point should you know that we ...Yes....,,,,One more point should you know that we assume that you have urban agriculture land .As the General limit is 8 KM from city .Further the limit for many cities has been defined less than 8 Km and even 2 Km ,We do not have Complete List .<br />But what if it is not a urban agriculture land(UAL) ,nothing to worry ,then it will be treated as rural agriculture land(RAL) and RAL is not RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-55204733741285159122015-08-30T21:04:12.636+05:302015-08-30T21:04:12.636+05:30Thanks, I am summarizing the understanding
Income ...Thanks, I am summarizing the understanding<br />Income is exempted under Section 10(37) for any tax liability. In this case it is short term capital loss. Loss from exempted income category can't be carried forwarded, hence option of showing this in CG sheet is not available. At the same time EI sheet have no provision to show losses. Hence losses under compulsory acquisition of urban Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-72524437794692279342015-08-30T20:46:05.807+05:302015-08-30T20:46:05.807+05:30Point wise reply
i. It should be shown in sr no 5....Point wise reply<br />i. It should be shown in sr no 5.<br />ii. No ,loss from exempted income can not be carried forwarded <br />iii Loss can not be shown in ITR under exempted Income sectionRAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-55275984176429812552015-08-30T20:31:12.561+05:302015-08-30T20:31:12.561+05:30Sir
Thanks for prompt reply. few more additional q...Sir<br />Thanks for prompt reply. few more additional queries<br /><br />i. In EI sheet this capital gain should be shown in 4(i) or 4(iv)<br />ii. Can I show it as short term capital loss in CG sheet instead of showing this in EI sheet. <br />iii. Do I need to show it as 1/3rd of total loss only.<br /><br />Parag<br />Pathak_parag@yahoo.com<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-406633972145367852015-08-29T19:54:13.116+05:302015-08-29T19:54:13.116+05:30a)As this is a compulsory acquisition/Agriculture/...a)As this is a compulsory acquisition/Agriculture/urban land so it is covered under 10(37)<br />2)Yes ,you will get share of income in ratio of your ownership in land.<br />3)Technically you can shown loss in EI but no benefit in showing <br /><br /><br />RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-12531682674256188812015-08-29T19:41:30.087+05:302015-08-29T19:41:30.087+05:30Sir
We have an agricultural land near Ujjain 5 km ...Sir<br />We have an agricultural land near Ujjain 5 km from city. This is owned jointly by myself, my wife and my brother in law. The part of land was acquired by government to make the ring road. the part compensation is received by us in FY14. the land was used for cultivation for last 4 year by giving it to previous owner, he used to give us share in the crop, which was consumed by us in houseAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-68284037802244520012015-08-16T12:03:51.277+05:302015-08-16T12:03:51.277+05:30In your case no capital gain has been earned so yo...In your case no capital gain has been earned so you can use money as you want RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-3033805678940965352015-08-16T08:07:30.516+05:302015-08-16T08:07:30.516+05:30Sir i hav an urban plot which i bought worth rs. 2...Sir i hav an urban plot which i bought worth rs. 21 lac, in june 2011. I want i sell this plot , in rs. 22 lac . And invest this 22 lac to buy agricultural land in rural. Can i do that ? ravinderhttps://www.blogger.com/profile/10845075499672360171noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-41563897159523055772015-05-19T11:57:21.533+05:302015-05-19T11:57:21.533+05:30First ,you have to assess cost of it in 1-04-81 an...First ,you have to assess cost of it in 1-04-81 and then multiply it with around 11 .deduct it from sale price.<br /><br />suppose 01.04.81 value is 100000 then 11 times =1100000 <br />capital gain will be 10000000-1100000=8900000<br />tax @ 20 % =1780000RAJ KUMARIhttps://www.blogger.com/profile/12854260124513086419noreply@blogger.comtag:blogger.com,1999:blog-2004257931445490362.post-83518232236388484542015-05-17T22:07:59.800+05:302015-05-17T22:07:59.800+05:30if i sell my ancestral agriculural land that is in...if i sell my ancestral agriculural land that is in municipal limit for 1 cr, how much time i have to invest it in another property and if i am unable to invest it in any property how much i have to as taxaskdeepinderhttps://www.blogger.com/profile/11678610455806513528noreply@blogger.com