Agricultural land
This query is : Resolved
23 September 2013
A company is having an agricultural land for the last 15 years and agricultural activities are conducted on it for last so many years. Now the company wishes to sell the land. Would there be any capital gain tax on it? The area where the land is situated has a population less than 10000 but it falls under Municipal Corporation limits. Please give valuable opinions.
CA Pallav Singhania
(Expert)
23 September 2013
It's an urban agriculture land, and transfer of such land attracts capital gain,
Yes, there will be a capital gain,
And you can not claim exemption U/S 54B, 54F or 54EC.. Its for Individual and for HUF..
Yes, there will be a capital gain,
And you can not claim exemption U/S 54B, 54F or 54EC.. Its for Individual and for HUF..
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Missed uploading GST Invoice
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Visiting card purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
