Can Sale of Agriculture park impossible for agriculture purpose be excise free?
An agriculture land unacquainted for agriculture purpose since last ten years,situated in close proximity municipal limits (5 K.M.) sold during the current financial year. Can the Long residence capital gain be due free. If, no what are the ways to save such gain? I have suffered losses contained by share trading can it be set off beside such gain? Please advice.
Answers: Your losses from shares and the funds gains are different. You cannot set rotten your shares loss in property gains.
If the topography is not used for agricultural use consequently it attracts LTC gains excise irrespective of municipal limits.
You enjoy to buy a house/flat with within 2 years from the date of sale of territory, or should construct the house with surrounded by 3 years. Mean while, the amount of capital gain should be deposited in a special property gains picture in a Nationalized wall. (Like SBI).
Otherwise you have to deposit your gain in any infrastructure bonds for 3 years. (with contained by 6 months from the date of sale).
There are so many ways to rescue tax. First consult a pious C.A in your nouns. He will tell you oodles ideas. Even I can recommend you. (for free).
If the share trading does not fall inwardly the meaning of 'speculation business' you can set-off the loss beside the Long-term Capital Gains, be it a 'Short-term Capital Loss' or 'Business Loss'.
You can choose tax nest egg between section 54EC & 54F.
If you choose cubicle 54EC you need to invest the Capital Gains amount alone inwardly 6 months from the date of transfer of manor for a minimum period of 3 years within the specific bonds mentioned under that box, viz., NHAI or REC. However you can claim maximum Rs.50 Lacs only.
If you choose wedge 54F, then you own to invest the whole public sale consideration in a residential House Property (only one). You can purchase it in 1 year before or 2 years after the date of verbs of the land or construct it inwardly 3 years after the date of transfer of the house. This new residential property also desires to be held for a minimum period of 3 years. However, in attendance are certain conditions to be fulfilled: -
* you should not own more than one residential house, except the new asset, on the date of verbs of original asset.
* you do not purchase inwardly 1 year or construct within 3 years a 2nd residential house.
* income from such residential house is chargeable beneath the head "income from house property".
* if the amount could not be invested within the residential house before the date of file return of income, the the amount of sale consideration should be invested contained by special capital gain bonds with bank till the time of purchase or construction.
Exemption under slice 54EC or section 54F would be available with the sole purpose proportionate to the amount invested.
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Answers: Your losses from shares and the funds gains are different. You cannot set rotten your shares loss in property gains.
If the topography is not used for agricultural use consequently it attracts LTC gains excise irrespective of municipal limits.
You enjoy to buy a house/flat with within 2 years from the date of sale of territory, or should construct the house with surrounded by 3 years. Mean while, the amount of capital gain should be deposited in a special property gains picture in a Nationalized wall. (Like SBI).
Otherwise you have to deposit your gain in any infrastructure bonds for 3 years. (with contained by 6 months from the date of sale).
There are so many ways to rescue tax. First consult a pious C.A in your nouns. He will tell you oodles ideas. Even I can recommend you. (for free).
If the share trading does not fall inwardly the meaning of 'speculation business' you can set-off the loss beside the Long-term Capital Gains, be it a 'Short-term Capital Loss' or 'Business Loss'.
You can choose tax nest egg between section 54EC & 54F.
If you choose cubicle 54EC you need to invest the Capital Gains amount alone inwardly 6 months from the date of transfer of manor for a minimum period of 3 years within the specific bonds mentioned under that box, viz., NHAI or REC. However you can claim maximum Rs.50 Lacs only.
If you choose wedge 54F, then you own to invest the whole public sale consideration in a residential House Property (only one). You can purchase it in 1 year before or 2 years after the date of verbs of the land or construct it inwardly 3 years after the date of transfer of the house. This new residential property also desires to be held for a minimum period of 3 years. However, in attendance are certain conditions to be fulfilled: -
* you should not own more than one residential house, except the new asset, on the date of verbs of original asset.
* you do not purchase inwardly 1 year or construct within 3 years a 2nd residential house.
* income from such residential house is chargeable beneath the head "income from house property".
* if the amount could not be invested within the residential house before the date of file return of income, the the amount of sale consideration should be invested contained by special capital gain bonds with bank till the time of purchase or construction.
Exemption under slice 54EC or section 54F would be available with the sole purpose proportionate to the amount invested.