Capital gain

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kunal (Querist)
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11 July 2014 Mr. A purchased rural Agricultural Land on 01-05-2013 and sold the same on 01-08-2013 after using it for agricultural activity..

what is the capital gain tax liability?

is there any requirement of Period of holding for Rural agricultural land?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 July 2014 if its rural agricultural land then no tax is applicable but needs to purchase a new agriclutural land for exemption.

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kunal

kunal (Querist)
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11 July 2014 but why?? exemption under which section??
sir it is rural agricultural land not covered in capital asset

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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11 July 2014 then no not taxable at all and no need for any such investment...............................

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kunal

kunal (Querist)
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11 July 2014 thank you sir for clarifying

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