Capital gain
This query is : Resolved
17 October 2011
I purchases Rural Agriculture Land 4 Years Ago and I sale this land
is it taxable or not if taxable will i get Exampiton in any section.
is it taxable or not if taxable will i get Exampiton in any section.
17 October 2011
It will be taxed.
please refer section 54B for exemption, if any. you have not metioned details of the use of the land and where the amount of sale invested.
please go through the above section.
Hope this will resolve your query
please refer section 54B for exemption, if any. you have not metioned details of the use of the land and where the amount of sale invested.
please go through the above section.
Hope this will resolve your query
Message likes :
1 times
17 October 2011
As per the definition capital asset u/s 2(14) Of Income tax act,1961 specifically excluded rural agriculture land.
therefore no question of tax.
therefore no question of tax.
Message likes :
1 times
17 October 2011
I would agree with answer of Mr. Dileep. Rural Agricultural Land itself is not a capital asset. So, no question of Tax.
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