Capital gain
This query is : Resolved
18 April 2015
one of my Assessee sold residential house on 12/12/2013 for Rs. 1914500 which was acquired on 08/08/2007 for Rs.891422. After sales made he bought one Agricultural land for Rs.600000 on 13/02/2014. whether it should be treated as Capital Gain or claimed as deduction for the same
18 April 2015
Exemption from capital gains is not available for "Purchase of Agriculture land against sale of House Property". The Capital Gain is as such taxable.
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18 April 2015
Purchase of another house only allowed not purchase of agricultural land. Hence it will be treated as capital gain.
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