Question

Zubin is intending/going to purchase
agriculture lands in the rural area located in
Gujrat for 70,00,000 in the previous year
2019-20. He wants to know whether there
is any obligation on him to deduct tax at
source from the payment to be made and
if so at what rate ?
(A) deduct tax @ 1%
(B) deduct tax @ 2%+
deduct tax @ 5%
D not to deduct tax at source​

Answer 1

Answer:

You need to file ITR-2 and show the entire proceeds under the "Schedule EI" under point 4. We may assist you in e-filing of ITR. If you are reinvesting the capital gains into another agricultural land, you shall be entitled to exemption of capital gain taxes under section 54B.