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capital gain

Querist : Anonymous (Querist) 05 May 2011 This query is : Resolved 
i had made agreement for purchase a agriculture land before 3 years.Till date i had not made it registered in registrar office. Now i want to sell this land to a new party .What will be my tax liability. Whether Long term capital gain as i retained the property for more than 3 years.

Can i get any exemption u/s 54 i,e if i reinvest this sale proceed in other agriculture land or immovable property shall i get any relief or exemption.

Regards
RPN agrawal
M/s. Y-not legal services (Expert) 06 May 2011
Before the view of law you are not the eligible person to sale the land.. You may be the unofficial owner. Even its not enough..
preet (Expert) 06 May 2011
The gin is taxable under capital gain tax and if u reinvest it in other property u can get the relief under the provisions of sec 54 of Income Tax Act 1961.
soumitra basu (Expert) 07 May 2011
Since no registry has been done you can not be treated as owner of the property. At best your profit can be treated as adventure in the nature of trade.


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