Buying agriculture land from nri

srinivasarao (Querist) 13 April 2018 This query is : Resolved
sir, i am planning to buy agriculture land in rural area from my cousin who is an NRI..he inherited said land from his mother after her demise.. i was told selling agriculture land does not attract capital gains.please clarify what precautions should i take as he is NRI.

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Dr J C Vashista (Expert) 14 April 2018
Seek services of a local prudent professional lawyer to consider the facts, analyse, form an opinion. guide and proceed in proper manner, if there is some truth in the story which is prima facie academic in its nature.

Ms.Usha Kapoor (Expert) 14 April 2018
If you are ordinary resident and citizen of India you can buy Agricultural land from NRI.

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srinivasarao (Querist) 16 April 2018
thank you Usha kapoor madam,my tax planner told me with reference to buying properties from NRI's...capital gains does not apply for buying agriculture land and where as for all other properties, buyer ( myself) should ensure depositing capital gains by NRI and issue Form 16 A..please clarify madam

Ms.Usha Kapoor (Expert) 17 April 2018
What y0ouu heard s right.

srinivasarao (Querist) 17 April 2018
Thank you usha kappor madam

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