cap. gain on sale of land

This query is : Resolved

shubham agrawal (Querist)
Follow

15 August 2017 dear sir I have sold a agricultural land after 4 years of purchase date and I want to know what are necessary citeria for claiming exemption under sec. 54b of long term cap. gain and documents does I need to have to claim exemption under this sec as in my itr I have shown income from agriculture for last 3 years..

Nischit Sanghavi

Nischit Sanghavi (Expert)
Follow

15 August 2017 there is no capital gain taxable on sale of Agriculture land

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

15 August 2017 If sale is of rural agricultural land then only CG is exempted.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

15 August 2017 If you sale urban agriculture land then you can claim exemption u/s 54B.For claiming exemption, you can invest in new agriculture land(rural or urban) within 3 years. Also there is lock in period of 3 years.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
Follow

16 August 2017 Please provide below information:
1. Nearest municipality;
2. No. of KMs (aerial / bird-flying distance) from the outer borders of the municipality;
3. Revenue passbook status (i.e. agriculture, horticulture, aquaculture &c) and payment of land revenue status;
4. Consideration as per stamp value authority of the state and consideration as per document;
5. Whether registration of sale is in acres (agricultural land) or in meters / square yards (sites);
6. Status of development in the vicinity i.e. construction activity of buildings, colonies, etc.
7. Whether the consideration as per the document is feasible for agricultural activity?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now