Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 June 2013
agriculture land purchase and sale in after 2 year in that case which agriculture land is taxable or not.
CA PARAS BAFNA
(Expert)
28 June 2013
It is important to know the situation of agriculture land. In case of rural agriculture land profit arising on transfer is not taxable.
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In case of Urban Agriculture land capital gains are taxable and may exempt U/s 54B if the land has been used by the assessee or his parents for agriculture purpose in preceding two years.
.
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In case of Urban Agriculture land capital gains are taxable and may exempt U/s 54B if the land has been used by the assessee or his parents for agriculture purpose in preceding two years.
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