Purchase or acqusition of agricultural or Industrial Land, Income Tax

[SANJAY BAHETI]

One of my client being a HUF resident of Ahmedabad in Gujarat. He is regular IT Assesse.The sources of income are FDR Interest and Commission Income.

Now He wants to purchase/acquire an Agricultural land/Industrial Land in the name of HUF in Gujarat i.e. near by Ahmedabad.

whether he can do or not as per law or Act.

The basis purpose is to make a rent agreement in future with any Male Individual member for giving such land on rent for setting up a manufacturing project after conversion in non agricultural so that rental income will arise to HUF as source of income under House Property Head.

Please reply with reason whether this can be possible as per law or Act or not particularly in Gujarat State.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.