Capital gain

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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

Nikhil Kaushik

Nikhil Kaushik (Expert)

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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

11 August 2014 even sec 54EC bonds are there in case of long term capital gains.

CA UMESH DULAL

CA UMESH DULAL (Expert)

11 August 2014 section 10(37) is about rural ag land where section 54B is about ag land that is not rural ag land

Rupesh Jain

Rupesh Jain (Expert)

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.

Nikhil Kaushik

Nikhil Kaushik (Expert)

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

CA UMESH DULAL

CA UMESH DULAL (Expert)

12 August 2014 thanks for correcting me. I have mis-read the query.................

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