cpc

capital gain tax in case of huf

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Dear Sir

 

My Father has sold our ancestor property i.e Agriculture Land. He has made a Banakhat for selling this agriculture land to a Builder.Later on upto the final sale deed the builder has made documents to convert the land into non - agriiculture,as the land was on my father name he has applied for converting to non-agriculture though the payment was done by builder for this convertion.

We were cultivating the land from several years even we have water bills showing that it is a agriculture land.

the population of our village is only 2300 persons.

In the final agreement of sale DEED the land is shown as non-agriculture.

So my question is Can my father fight for not paying Capital gain tax as it was originally agriculture land while in the Banakhat. and we are farmer only.Just for the sake of buyer we have converted it into non-agriculture.

My second question is as the deed is between builder and my father.Though as my share i have got 50% of sale amt directly from builder. Now whether i have to pay capital gain tax. If yes then cam i save by investing in a residential home on my name.

My third question. If the capital gain tax has to be paid only by my father than can he make me responsible to pay 50% of tax . How and by what procedure....

 

Regards

Narendra

 

 

 

 

 
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Advocate

As on the date of the sale the nature of the land was converted from agricultural to NA lands, the sale is subject to Capital gains. Unless the complete papers are not minutely perused it will be difficult to advise properly.

 
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