Cap Gains Reinvestment
This query is : Resolved
22 May 2009
(1) can the long term capital gains arising from sale of agricultural land has to be invested only in another agricultural land or can it be invested in residential property also?
(2)is exemption available on investment of long term cap gains, arising from sale of a commercial establishment, in another commercial establishment..
(2)is exemption available on investment of long term cap gains, arising from sale of a commercial establishment, in another commercial establishment..
23 May 2009
Dear Rohit,
1)there is no taxation of capital gain in case the asset tranfered is rural agricultural land, where as the case of transfer of urban agricultural land you can claim exemption u/s 54B by investing the capital gains on transfer in agricultural land or you can get exemption u/s 54EC by investing long term capital gains in bonds redeemable after 3 years issued on or after 01.04.2007 by NHAI or RECL, such investments will not be eligible for deduction u/s 80G, the maximum exemption available under this section is 50 Lakhs nor he can claim exemption u/s54F
1)there is no taxation of capital gain in case the asset tranfered is rural agricultural land, where as the case of transfer of urban agricultural land you can claim exemption u/s 54B by investing the capital gains on transfer in agricultural land or you can get exemption u/s 54EC by investing long term capital gains in bonds redeemable after 3 years issued on or after 01.04.2007 by NHAI or RECL, such investments will not be eligible for deduction u/s 80G, the maximum exemption available under this section is 50 Lakhs nor he can claim exemption u/s54F
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Form 144 TDS Return Validation Error – Mandatory Fields
- Gift to nri relatives residing in usa
- Capital gains in IT returns
- Advances to related party
- GSTR9 Annual Return
- Ito add credit side of bank
- Employee secondment
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
