Argicultural land sales after 2 years

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2010 Agricultural land purchase dated:01.07.2007 70921/- and sales dated: 26.02.2010. Profit on sales of agricultural land is exempted or not. He paid advance against new agricultural land F.Y 2009-2010. This is exempted U/s.54B

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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21 September 2010 Profit on Agricultural land in exempt on in case of rural agricultural land. it is taxable in case on urban land.
exemption u/s 54 B is on purchase on new agricultural land with in 2 years from date of transfer provided that amount is deposit in capital gain A/C with in date if filling return of income u/s 139(1).

i dont think exemption will be allowed on advance.

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