Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2014
u/s 10(37)-exemption in respect of capital gain in case of agricultural land
is already exampled the income which earns through sale of agricultural land.how can we use exemption u/s 54b and when it applies.sir kindly provided the difference between exemption u/s 10(37) and u/s 54b
is already exampled the income which earns through sale of agricultural land.how can we use exemption u/s 54b and when it applies.sir kindly provided the difference between exemption u/s 10(37) and u/s 54b
11 August 2014
the exemption under section 10(37) is for the agricultural land as referred to in section 2(14)(iii)
for other agricultural lands such as land used for agriculture but situated within cities the exemption is available under 54B
for other agricultural lands such as land used for agriculture but situated within cities the exemption is available under 54B
11 August 2014
even sec 54EC bonds are there in case of long term capital gains.
11 August 2014
section 10(37) is about rural ag land where section 54B is about ag land that is not rural ag land
12 August 2014
section 10(37) for urban area agriculture land under compulsory acquisition . then it is exempt.
and 54B for rural area agriculture land.
and 54B for rural area agriculture land.
12 August 2014
dear rupesh,
54B relates to only agricultural land which is not covered under rural agricultural land.
Agricultural land in rural areas is not a capital asset anyways
54B relates to only agricultural land which is not covered under rural agricultural land.
Agricultural land in rural areas is not a capital asset anyways
12 August 2014
thanks for correcting me. I have mis-read the query.................
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