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Capital gain

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(Querist)
17 July 2015 I have an partnership firm and i want to purchase one agriculture land in the firm name so i want to know when i will sell this agriculture land then how much income tax i will have to pay......
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Shijith

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Shijith (Expert)
17 July 2015 1)Rural Agri. land is not a capital Assset
2) If firm is in real estate it is taxable under business.
3) Compulsory acquisition of Urban Agri. Land is not taxable.
4) Sec 54B exemption is not available for Firm.
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