Capital gain
This query is : Resolved
Sumit Chhabra
(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.
Regards
Sumit Chhabra
Regards
Sumit Chhabra
05 May 2014
it will be long term capital gain in this case.
Nikhil Kaushik
(Expert)
05 May 2014
assuming both the lands are urban agriculture land, you can claim deduction under section 54B
Sumit Chhabra
(Querist)
05 May 2014
Thanks for reply nikhil ji. Can you explain me aection 54b
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