Capital gain
This query is : Resolved
Neelam Sisodiya
(Querist)
18 June 2016
Hi,
In which section capital gain exemptions are available to companies on sale of land situated in rural area.
In which section capital gain exemptions are available to companies on sale of land situated in rural area.
Vipin Garg
(Expert)
19 June 2016
Hi Neelam,
Agriculture land situated in rural area doesn't come under the definition of Capital Assets as defined under section 2(14) of Income Tax Act, 1961.
Sale of Agriculture land situated in Non Rural Area will be considered as Capital Assets and therefore Capital gains will be calculated but the assessee can claim the exemption under section 54B.
Agriculture land situated in rural area doesn't come under the definition of Capital Assets as defined under section 2(14) of Income Tax Act, 1961.
Sale of Agriculture land situated in Non Rural Area will be considered as Capital Assets and therefore Capital gains will be calculated but the assessee can claim the exemption under section 54B.
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