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Capital gain

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(Querist)
05 May 2014 If anyone Sales his land which is in partnership firm & doing agriculture from last 10 12 years& purchases the another one in the same firm of same cost or more than the sales cost. Also within the 8 k.m of municipal limts.Pl. tell me the status of capital gain in that case.
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Sumit Chhabra
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
05 May 2014 it will be long term capital gain in this case.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 May 2014 assuming both the lands are urban agriculture land, you can claim deduction under section 54B
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Sumit Chhabra

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Sumit Chhabra (Querist)
05 May 2014 Thanks for reply nikhil ji. Can you explain me aection 54b
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