Agriculture land
This query is : Resolved
24 March 2015
Sir,
My Client had purchased agriculture land in jan-2012. He sold the same on Dec-2012 & again purchased a new land. My query is whether he can claim exemption under section 54-b since short term capital gains is also exempt. however their is a Condition that the said land should be used for 2 years before sale. Kindly give your suggestion along with any judgement
My Client had purchased agriculture land in jan-2012. He sold the same on Dec-2012 & again purchased a new land. My query is whether he can claim exemption under section 54-b since short term capital gains is also exempt. however their is a Condition that the said land should be used for 2 years before sale. Kindly give your suggestion along with any judgement
24 March 2015
Exemption u/s 54-b can be claimed either himself and previous owner used the land for agriculture or it is classified as agricultural land in the revenue records of Govt.
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