Purchase Agriculture land on sale of residential plot

Pushpendra 1
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Sir, I have purchased a residential plot of Rs.13,50,000/- on April 2006, and sold it for Rs.47,00,000/- in July 2014. I have deposited the whole amount of Rs. 47 lakhs in my Personal saving account.

  • What will be time limit to open LTCG (Capital Gain) bank account?
  • I would like to buy agricultural land, can I invest the whole amount or part of that amount?
  • How can I save tax (Capital Gain)?

Thanks, Pushpendra

plot-sale section-54f agricultural-land capital-gain
1 Answers

You need to open capital gain account before 31st July 2015 (last date of income tax return filing).

There is no tax benefit available if you invest into agricultural land from sale consideration of a plot.

Pankaj Batra5212

Thanks for response. If I would like to pay tax on Capital gain. - Then also will my last date remain same for capital gain account 31st July 2015? - And tax charged will be 20% OR it will b clubed with my Income (salary)?

Pushpendra

Pushpendra•

If you have to pay tax, last date would be 31st March, 2015. After that their would be penalty for late payment.

Tax rate would be 20% with indexation benefit.

Pankaj Batra•
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