cap. gain on sale of land
This query is : Resolved
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..
15 August 2017
there is no capital gain taxable on sale of Agriculture land
15 August 2017
If sale is of rural agricultural land then only CG is exempted.
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?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Building tax payment deduction in rental Income
- Booth for sales promotion
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
