CA. Naresh Jakhotia

TAX TALK-26.11.2012-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant “TRANSFER OF AGRICULTURAL LAND” Query 1] I purchased agriculture land in year 1986 for a sum of Rs. 35,000/-. The village & agriculture land falls within 8 Km of municipal limits. I am now selling this Agri land for Rs. 1,50,00,000/- (Rupees one and Half Crores). I understand that I may have to pay Capital Gain Tax for this sale of land. Kindly advice on the following issues: 1.       Kindly confirm whether the sale of agricultural land attracts income tax? 2.       What will be a capital gain tax liability? 3.       Can I invest in House property/ residential plots to offset capital gain? 4.       How much amount can be invested in capital gain bonds and within how much time? 5.       Is there any tax relief on sale of such agricultu...

Notification No. [S.O. 9447] (File No. 164/3/87--ITA-I)], dt.. 6-1-1994 Whereas a draft notification was published by the Central Government in exercise of the powers conferred by item (B) of clause (ii) of the proviso to sub-clause (c) of clause (1A), and item (b) of sub-clause (iii) of clause (14), of section 2 of the Income-tax Act, 1961 (43 of 1961), in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), dated February 13, 1991, under the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. S.O. 91(E), dated February 8, 1991, for specifying certain areas for the purposes of the said clauses and objections and suggestions were invited from the public within a period of 45 days from the date the copies of the Gazette of India containing such notification became available to the public; And whereas copies of the said Gazette were made available to the public on February 13, 1991; And whereas the obje...