Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2013
Dear Sir,
One of the assessee, who had purchased an agriculture land within municipalty area for Rs. 12 lacs in 2005. Now he has sold it for Rs. 18 lacs in 2012, and invested the whole amount in purchase of agriculture land which is also within municipalty area.
Now please advise me, whether the capital gain will attract or not?
Please advise me proper remedy.
One of the assessee, who had purchased an agriculture land within municipalty area for Rs. 12 lacs in 2005. Now he has sold it for Rs. 18 lacs in 2012, and invested the whole amount in purchase of agriculture land which is also within municipalty area.
Now please advise me, whether the capital gain will attract or not?
Please advise me proper remedy.
06 March 2013
The capital gain is attracted but its impact may get nullified by availing the exemption U/s 54B. So no tax incidence will be there if the Agriculture land has been purchased within 2 years from the date of transfer. If the money was not utilised prior to the due date of filing of return for the relevant previous year(31st July), it was required to be deposited in Capital Gains Account.
.
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