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No tax on rural farm land sale proceeds
February 15, 2025
|Financial Express Hyderabad
My parents had a few acres of agricultural land which they sold. Do they have to pay any capital gains tax? As they want to give me some money from the proceeds, do I have to pay any tax on it?
● My parents had a few acres of agricultural land which they sold. Do they have to pay any capital gains tax? As they want to give me some money from the proceeds, do I have to pay any tax on it? ―Rajkumar Agricultural land located in a rural area is not classified as a capital asset under Indian tax law. Consequently, any gains from the sale of such land by your parents are not subject to capital gains tax. Gifts received from parents are not taxable in the hands of the recipient. This means that you will not be liable for any taxes on the money received from your parents as a gift. However, keep detailed records of the land sale and the subsequent gift. Proper documentation will be crucial in clarifying the source of funds i
هذه القصة من طبعة February 15, 2025 من Financial Express Hyderabad.
اشترك في Magzter GOLD للوصول إلى آلاف القصص المتميزة المنسقة، وأكثر من 9000 مجلة وصحيفة.
هل أنت مشترك بالفعل؟ تسجيل الدخول
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