Agricultural land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2013
A pvt ltd company had sold an agricultural land coming in the jurisdiction of municipality. If it buys any other agricultural land, could the capital gain tax be avoided?
16 October 2013
No this exemption is not available for Companies.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2013
Thanks Sir. One more thing to clarify that if the company invests the capital gain in REC bonds, is it exempt u/s 54EC?
17 October 2013
Yes 54EC is allowed for deduction to companies also provided the whole capital gain is invested within 6 months of transfer.
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