cap. gain on sale of land
This query is : Resolved
shubham agrawal
(Querist)
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
(Expert)
15 August 2017
there is no capital gain taxable on sale of Agriculture land
CA Rashmi Gandhi
(Expert)
15 August 2017
If sale is of rural agricultural land then only CG is exempted.
CA Rashmi Gandhi
(Expert)
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.
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?
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?
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