Capital gain
This query is : Resolved
18 February 2013
One of may client (Individual) had purchased a big land in Oct'2010 and did the ploting and sold part of the land in small plots to various buyers by March 2012. He still not filed his IT return for A.Y. 2012-13. I think he is not eligible for any exemption from capital gain. Please guide.
18 February 2013
Yes, you are correct Ashish. Your client is not eligible for LTCG exemptions as the holding period was less than 3 years.
Accordingly, he is liable to by STCG.
Accordingly, he is liable to by STCG.
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18 February 2013
Any chance of getting exemption under section 54B.
18 February 2013
dear Ashish,
54B is for agricultural land which was for last 2 years being used for agricultural purpose.
54B is for agricultural land which was for last 2 years being used for agricultural purpose.
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