Answers On Topic: Agricultural land
My agricultural land was compulsorily acquired under the NHAI act in 2010. Some enhanced compensation was received by me in 2021 and the case is still pending in high court. I am confused if I will need to pay capital gains tax on the compensation received. As I said the acquisition was done in 2010. Are you able to please help out. Thank you
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sir, just before the sale of the land used for the agricultural activity has been converted as non-agricultural land and the proceeds have been received by one single person on behalf of the number of members in the family which he again returned to the members of the family to facilitate the easy transaction. Whether this can be treated as agricultural income in the hands of individual members? or it has to be treated as capital gains, if so long or short. In case if the investment is made to claim the exemption, can it be allowed? The members became…
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whether cash received on sale of rural agricultural land attract provisions of sec. 269SS? as it is neither loan nor deposit nor any advance as mentioned in specified sum.. I think correct application would have been of Sec. 269ST, however assessee got notice u/s 269SS. Couldnt find any proper judgment on this aspect. If anyone here can throw some light, it would be great!
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Assessee sold ancestral agricultural land after converting it to NA in 20-21. Agricultural Land was converted to NA plots in 2016-17. All the plots were sold in one go. For the purpose of calculation of capital gain, while taking cost of acquisition as on 01.04.2001 as per S. 55(2)(b)(i), which SDV is to be taken – applicable to agri. land or NA land as on 01.04.2001? Is it possible to take cost of acquisition as on date when the land was converted to NA?
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Dear Sir, Assessee is an Agriculturist and has only Agricultural Income apart from that he does not have any source of income, can AO levy tax on the said Agricultural Income u/s 68 of the Act, if the assessee fails to produce Agricultural sale bills. Agricultural Income which was shown in the return of income is not deposited into bank account nor he purchased any assets he again utilized for agricultural purpose only.
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Whether non-resident can buy the Agricultural land. ?
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whether Capital gains tax on compulsory acquisition of agriculture land in 2010 is taxable ?