If a senior citizen sells his ancestral agricultural land and get Rs. 30 lakh. Does he need to pay income tax

The land gives presently mariginal crop. The seller is a retired employee. If he put the huge money into a bank will there be any objection from bank employees?

Senior Citizen or not, Ancestral or self earned land - It is exempt from tax if the land satisfy the following condition:

The agricultural land must be 8 kms away from a municipal or a cantonment or a Major Panchayat (of more than 10,000 population as per last senses) limits. Then it dose not come under tax.

If the land is within the above said limits, then you have to pay long term capital gains.

Regarding depositing 30 lakhs in a bank. To deposit more than 50 thousands in a bank, they will ask for PAN number. There are so many things which I should not answer in a public web site. Before selling the land and before depositing the amount in a bank or before investing the money in any other place, please consult a Income Tax auditor (Tax consultant / C.A)

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Is it necessary to deposit returns on selling land in capital gains till I buy residential house 4 tax benefit?

I sold a land 2 months back and planning to buy a flat in an apartment. Is it necessary that I should deposit in capital gains till then? I checked in a Bank and they told they never opened this account n need to check with their head office. They were very much surprised with my idea of capital gains. please advise me

Yes in order to acquire the Tax exemption on capital gains you need to reinvest that amount in any other immovable property with in 2 years of gaining it.

Until that time that amount must be deposited in a 'Capital Gains Deposit Scheme Account' in any of the public sector banks and should be shown in the IT returns.

I was looking at foreclosed lands at a bank in the Philippines. I saw one, and paid the reservation fee.?

But I found out that there is a tenant in the land, and that the tenant is the land's former owner. Also, the former owner was just about to buy back the land; I was only about one or two weeks early.

Should I pursue the land? Or should I look for others and avoid this potential court case?

Sounds a bit complicated to me ... I would avoid.

You shouldn't buy anything in the P.I.. I was scammed out of $20,000 U.S.. Which has left alot of people angry and hurt.

Be very careful.

I m a agriculturist at ludhiana. i m going sell a piece of that land .shall i deposit the money in bank.will t?

want to avoid taxes from agriculture land earing

If you have the property in your IT return and if you sell all for white money, you have to pay capital gain tax: it all depends on the value .consult an auditor i your area: or write to us with full details

Can someone explain why Muslims or Arabs consider the West Bank area their land?

Serious answers only please. Some people say the following:To call the Israeli presence in THEIR OWN ancient homeland an "occupation," is ridiculous. An occupation of what? There was never an Arab "Palestinian" nation or people there before. There are no "Palestinians." They are a made-up people for the sole purpose of political propaganda! They have no separate culture, language, or country of their own; even their leader -- Arafat -- is EGYPTIAN!! He later moved to Jerusalem. If anything, Arafat is an "illegal occupier" and "illegal settler!"

You can find all the history and other facts at this site. There's far too much info to quote here.

Citations in here come from the Wikipedia write-up I cite in the "source" section. Don't count on Wikipedia to be the be-all and end-all truth. But their account, I think, is a good overall summary.

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Because the Israelis lay claim to that land as "ordained from God". They claim it is their promised chosen holy land, that their right to settle there comes from God himself.

"According to the Torah, the Land of Israel was promised to the three Patriarchs of the Jewish people, by God, as their homeland;"

Well, what kind of muster does THAT carry if you don't believe in God, or don't believe in THEIR God? And how 'bout the arbitrary assignment of that land to Israel in 1948? Was that really fair? Or just an arbitrary handing-over of land from Palestine to Israel.

Sorry... but if I were an Arab living in that part of the world, I too would be p**sed off that Israel just somehow arbitrarily can lay claim to that land.

Sorry how do you think the Israeli's got there, that is, how do you think they came to be in the land that they now call Israel? Maybe that'll answer why you think Palestinians are made up people.

I'm not sure where you are getting your information, but it is incomplete at best and flat out wrong at worst.