HUF and Capital Gain Tax?

Querist : Anonymous (Querist) 13 July 2010 This query is : Resolved
Dear All,

Kindly put some light (if possible with case laws) to clarify as to whether before acquisition of cultivable land (situated in Sonepat Haryana)prior to the date of acquisition if in case the persons of a Hindu Family are filing their return as HUF then capital gain tax will not be applicable?

Thanking You in advance.

Best Regards

Anonymous

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AMIT BAJAJ ADVOCATE (Expert) 14 July 2010
The querry is not clear. If the land is an agricultural land outside the meaning of a capital asset under section 2(14)(iii) then there will be no capital gains tax. It is immaterial whether the members of HUF were filing ITRs before its acquisition or not.

soumitra basu (Expert) 01 August 2010
I agree. Please clear the query in detail.

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