Answers On Topic: Agricultural land
Whether the provision of section 45(5A) of Income Tax Act, 1961 is applicable on transfer of rural agricultural land under Joint Development Agreement (JDA)? The rural agricultural land is not a capital asset as per section 2(14) of the Act, hence, in my opinion the provision of section 45(5A) should not be applicable on transfer of rural agricultural land under JDA. Accordingly, any capital gain from transfer of such land under JDA should be exempt.
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Re easementary right of way on agriculture land, please advise if the below and related the Acts /sections- 1. easementary rights Not applicable in agriculture lands. 2. civil court do not have jurisdiction on matters related to agriculture lands also the easementary rights being claimed on agriculture land 3. Permanent injunction cannot be granted by court if the easementary right is not established 4. right of way can not be claimed after consolidation is completed U/S49 UP Revenue Act
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Inherited Rural Agriculture land converted into Non agriculture land and sold within 6 months of converting. Whether tax implication is LTCG or STCG
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A is holding rural agricultural land since before 2001. Subsequently he has converted such land as NA land and now sold it. Question is which value should be consider for 2001? Agriculture land value or NA land value? Any other suggestion for computation of capital gains.
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We have converted the rural agricultural land into non agricultural land in 2020 for the purpose of sale. I have received cash advance 300000 from the purchaser of land in the year of 2018( before convertion of agriculture land into NA land). Whether section 269ss or any other sections for penalty is applicable for cash advance of 300000. I'm in opinion that, advance cash received before conversion will be treated as advance against agricultural land which is not a capital asset. If I would have received advance cash after conversion of land, section 269ss or other sections for penalty will…
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I am holding rural agricultural land since before 2001. Now I have converted such land as NA land in December 2022 and sold it in March-2023. In which amount I have to pay tax ? If I am allowed indexed cost then My question was which value I should consider for 2001 ? Agriculture land value or NA land Value ? Circle Value of land as on 01-04-2021 is 200 Rs for Agricultural land and Rs. 1000 for Non Agricultural Land. Circle rate of NA Land as on Dec-2022 is 3550 and I have sold it at Rs. 3700 in…
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1] Is it necessary to have agri income to claim exemption from capital gain tax on sale of Agri land ? 2] Can it be contended that it was for self consumption? 3] IS book keeping and record keeping needed ? case laws / sections ?
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उत्तर प्रदेश में निवास करने वाला अनुसुचित जाति का व्यक्ति अपनी भूमिधरी भूमि बिना अनुमति के विद्यालय को विक्रय करता है तो उस विक्रय विलेख पर धारा 157A UP ZA and LR act के प्रावधान लागू होंगे ? भूमि का क्रय जरिये उप प्रबंधक हुआ है जो कि अनुसूचित जाति का है| भूमि का क्रय दस वर्ष पूर्व हुआ है|विक्रय विलेख के संपादन के उपरान्त उपरोक्त भूमि को धारा 143 UP ZA and LR act के अन्तर्गत न्यालाय द्वारा अकृषक घोषित किया गया है| यदि उक्त विक्रय विलेख पर उपरोक्त कानून के प्राविधान लागू होते है तो उसका बचाव क्या…
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Rural agricultural land has been held as such since last 10 years and agriculture activity carried upon. During the previous year the said land was converted to NA and then immediately sold within 3 months. Whether the conversion or sale thereof will attract Income tax. Is the exemption for rural agricultural land still available post conversion to NA? if taxable, then Capital gains or business? )this is a one only transaction, the assessed is retired sr citizen.
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Applicability of Section 45(5A) on rural agricultural land transferred under JDA