Case Law Details
The briefly stated facts are that the assessee and his two other relatives Shri Ramjibhai Prabhudas and Shri Bhagubhai Valjibhai invested a sum of Rs. 1,85,000 in purchase of agricultural land which was situated at Survey No. 485/2 of Mansa village in February, 1992. The assessee’s share was 25 per cent and the investment in the said land was made by the assessee at Rs. 46,375. The said agricultural land was transferred to the above firm for a total sale consideration of Rs. 9,00,000 in July, 1995 to M/s Jaiprabhu Seeds & Ginning Factory, Mansa.
The assessee’s share was at Rs. 2,25,000 and the same was credited in the books of accounts of M/s Jaiprabhu Seeds & Ginning Factory, Mansa on account of land purchase. The assessee vide his letter dated 13th Oct., 2003 has submitted before the AO that no sale agreement was entered into with the said firm and no payment out of the sale consideration was received till date. It was stated that sale deed would be executed as and when the sale consideration of his share will be received. It was contended by the assessee that their agricultural land is situated in the rural area outside the municipal limit and hence does not fall within the ambit of provisions of s. 2(14) of the Act and not liable to tax in the assessee’s hand. But the AO has not accepted the contention of the assessee and treated the sale consideration of assessee’s share as undisclosed income of the asses see and added to the income of the assessee.
RAMJIBHAI P. CHAUDHRY vs. DEPUTY COMMISSIONER OF INCOME TAX
ITAT, AHEMADABAD ‘A’ BENCH
IT(SS)A No. 324/Ahd/2004; Block period 1st April, 1988 to 7th Oct., 1998
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i have 100 acr agriculture land in Haryana any location
Dear sir
I have purchased rubber plantation – 5 acres for which sales deed executed on 17th April 2007 – out of advance amount received as per sale agreement dtd 07-03-2007 of my urban agricultural land 01 acre ,wheareas,due to certain technical reasons the sale deed was executed only on 26-05-2008.My question is that the capital gain of Rs 25 lacs arised out of the sale of urban agricultural land is eligible for exemption.
I HAVE SOLD THE AGRICULTURAL LAND OUT SIDE THE LIMITS OF MUNICIPAL AREA FOR RS.250000/- WHETHER IT IS TAXABLE OR NOT.
Pl advise whether the sale of agricultural land in Perumbakkam area near chennai will attract Capital gain tax
What would be the tax treatment, if agricultural land situated in rural area sold within 6 months?
Amount generating from selling of such agricultural land, if utilized for investing in business,does it attract capital gain tax?
Please give expert advice as soon as possible.
Thanking You
NEHA
as per sec 54 agricultural land is not coverd under the perview of capital assets.so no tax raise.and claim refund for tds while filing of return of income.because first see that under which nature of payment tds has been deducted.
one agricultural land purchase from farmer than 6 month after than land willbe sold another person threr will be gain taxable or not
sir
i want to know where we have to pay income tax on acquired land by huda haryana for hiwayroad 1894 rule and on which we invest the amount
thanks
Sir
We are selling our coconut plantation 70 Acres, 4.5 Kms away from a Taluk limits in Karnataka
It is in Joint kartha of Mother and Six daughters, There are Five grand children who are majors
1]Will the Capital gains tax applicable, If yes at what %
2]Can the income be considered as divided among daughters and grand majors
3] If we purchase a site for building a house can this tax be avoided to that extent
Dear sir,
I am going to a purchase agricultures land . I have been paid ¼ token amount to broker. My broker have a sale deed agreement with owner . After sale deed agreement Tahsildar refused to enter his (broker)into 7/12 documenting stating oral comments that the same land belongs to trust. But broker have attached NOC of charity commissioner with sale deed. Also owner win the case against the trust & accordingly the record on 6A register removed name of trust as per award of charity commissioner in 1972.Can I do sale deed agreement with broker without 7/12 document & fight legally to enter my name in 7/12 register? Is it valid procedure ? Broker is ready to sale deed on my name. Please suggest me what to do .Any have I interested to purchase land because it is nearby to me.
RESP.SIR/MADAM
HAVE A GOOD DAY
PL ADVISE US OUR AGRICULTURE LAND ACQUIRED BY GOVT AND SPECIAL LAND ACQUISITION OFFICER AT COLLECTOR OFFICE DEPT HAS DEDUCTED TDS @10% ON TOTAL PAYMENT WHERETHER WE ARE EXEMPT FROM CAPITAL GAIN IF YES UNDER WHICH SECTION WE CAN GET REFUND FROM IT
THANKING YOU
SANTOSH P JAIN
absolutely agreed