POSTED BY April 17, 2014 1:43 pm COMMENTS (2)
ONMy father wants to sell some agricultural land in his native place. Does he have to pay some tax on the income from this transaction? Is there a problem if he receives the entire amount through cheque in his bank account? Can he buy a flat with this amount? He already has a flat in his name in Delhi.
Also I have applied for a group housing scheme flat. Can my father pay for this flat, which is going to be in my name, from the income from his agricultural land?
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It is indeed agricultural land. Thanks for the answer.
Dear HJKhan, first you need to prove that the land in question is agriculture land. If it’s agriculture land, your father does not need to pay any tax.
Thanks
Ashal