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Capital gain

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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.
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CA PARAS BAFNA

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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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