agricultural land sell in rural area

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  1. mahesh217

    mahesh217 New Member

    sir,my father selled agricultural land in rural area in fy 13-14, the capital gain is approx 54lac.then after we invest these amount in new urban land and building a home within the period 2 yrs.is there any tax apply on this.if yes ,please send how to calculate this.
     
  2. ZED

    ZED Well-Known Member

    If the land which was sold was a RURAL agricultural land In INDIA then there was no tax liability to begin with , let alone exemption.......
    Confirm whether the land was rural land or agro
     
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  3. mahesh217

    mahesh217 New Member

    we get a income tax letter on these transaction .in that letter they send a transaction no. they told to submit answer about that.other wise they told income tax act 1961 will be acted on us.
     
  4. ZED

    ZED Well-Known Member

    Mail me the notice,
    Give me the details of the property sold.
    I need to know the locality in which the property was situated.

    If the return was not filed then notice would have came. Its only natural.
    There might not be any need to worry though.
     
  5. ZED

    ZED Well-Known Member

    I will check it and let you know.
     
  6. ZED

    ZED Well-Known Member

    I will need some time on this.
    I have to manually search for the notification for the municipality and the distance.


    What is the nearest municipality and how far is your land situated from there?
     
    mahesh217 likes this.
  7. mahesh217

    mahesh217 New Member

    nearest municipality is buxar.approx 2.5 to 3 km.
     
  8. ZED

    ZED Well-Known Member

    I think your property is coming under rural agricultural land. But I can not say it with absolute surety.
    Notification is issued by the Govt. to notify a particular land to be a rural agricultural land for the purpose of capital gain and earlier [the period covered in your case] the distance was notified (to be treated as urban) for each area
    And the maximum area which could be notified was 8KM from the municipality.

    It is also possible that notification was not issued.

    I was not able to find it for your case, but I do not have all the information with me by which I can assure you.


    Kindly take second opinion and if it is felt that property is in rural area then you can submit the response accordinly.
    Kindly check the account at incometaxefiling web site and see for compliance notice.
    See for response.
     
    mahesh217 likes this.
  9. mahesh217

    mahesh217 New Member

    thank u sir...,
     
  10. ZED

    ZED Well-Known Member

    You may contact me for further assistance.
    Being prudent I have asked for 2nd opinion, but even at income tax website , the locality has not been listed and for those cases where locality is not listed are usually rural area land.
     
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