Capital gain
This query is : Resolved
28 March 2014
I have purchased Agriculture Land on 01/07/2010 at Rs.3,65,000/- and Sale it on 15/04/2013 at Rs.25,51,000/-
(1) Now I want to know about tax to be paid and hou much?
(2) If it is not to pay and want to save tax by any IT clause.
Manish Shah
(1) Now I want to know about tax to be paid and hou much?
(2) If it is not to pay and want to save tax by any IT clause.
Manish Shah
28 March 2014
u need to pay short term capital gain tax as u have not held that for 36 months.
invest in sec 54B the capital gain for saving tax....
invest in sec 54B the capital gain for saving tax....
29 March 2014
please note that it is required that the land should have been used for agriculture purposes during 2 years immediately preceding the sale to claim 54B exemption.
Also, if the land itself is in area described in the section 2(14), there shall be no taxable gains as non-urban agriculture land is not considered as a capital asset.
Also, if the land itself is in area described in the section 2(14), there shall be no taxable gains as non-urban agriculture land is not considered as a capital asset.
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