Capital gain

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2013 I have purchased land in 2007, and now i wanted to sell this land this land is used for agriculture purposes, but this land located in Municipal Corporation area,

I have a query whether this will attract a capital gain, if yes the option available with me to save taxes.

If i purchase another land for purchase of another land can i save tax.

Please reply, thanks in advance.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 January 2013 You can save Capital Gains Tax by purchasing another AGRICULTURE LAND by investing the amount of Capital Gains , or A residential House (If you have only one house or do not have any house) by investing the sales consideration received.
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You can also invest Capital Gains in Capital Gain Bonds.
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Querist : Anonymous

Querist : Anonymous (Querist)

15 January 2013 Sir, I am really very thankful to your reply, someone has given me suggestion you purchase agriculture land in rural area out of proceeds of capital gain and sell the land rural area the proceeds from sell of rural agriculture will exempt from tax,

Whether this is true if yes there is need to any condition to be satisfied ?

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