Capital gain

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HARESH (Querist)
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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.

CA Neha Jain

CA Neha Jain (Expert)
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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

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CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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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.

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