Capital gain

Save Share

This query is : Resolved

MANJUNATHA (Querist)
Follow

19 January 2014 If the Capital gain ( sale of agriculture land ) amount deposited in SB account and after 3 years agriculture land purchase from said gain amount shall claim exemption?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

19 January 2014 if the said land was outside the limit of municipalities, then anyways no capital gains..

however, if the said land was within the municipality limits, you need to invest the funds in agriculture land within two years of sale.

So, regardless of where you kept the money, exemption cannot be claimed as two years period has elapsed.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!