tax

Share
Share This Thread
  1. amazing

    amazing New Member

    Hi everyone,

    I've a query. My uncle owns an agricultural land in a rural area. He wants to sell it. And we have heard that one has to pay taxes if he doesn't buy agricultural land in 2 years. He doesn't want to buy any land. He owns a house in an urban area so if he invests in another residential plot , can he exempt himself from taxes. He has a daughter who is married off. If he gives the money to her daughter as a gift, can it exempt him from the taxes.

    Thanks in advance!
     
  2. ZED

    ZED Well-Known Member

    A rural agricultural land is not a capital asset as per S.2(14).
    Hence there will be no tax on sale of such land.

    Kindly confirm that the land is rural land.
     
Draft saved Draft deleted