Do my father have to pay income tax on agricultural land sale money ?

POSTED BY hjkhan ON April 17, 2014 1:43 pm COMMENTS (2)

My 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?

2 replies on this article “Do my father have to pay income tax on agricultural land sale money ?”

  1. hjkhan says:

    It is indeed agricultural land. Thanks for the answer.

  2. ashalanshu says:

    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

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