Capital gain
This query is : Resolved
Chandrashekhar V. E.
(Querist)
08 December 2011
What is Short term period for Agri. Land sale? 2 yrs or 3 yrs?
Aditya Maheshwari
(Expert)
08 December 2011
It is 3 Years
CA. Lohith Jagadeesh
(Expert)
08 December 2011
Hi,
The provisions are very clear, it says assets other than securities, the period of holding is 36 months i.e. 3 years.
The condition of 2 years for the purpose of claiming exemption under Section 54 B only means that such Agriland should have been used for agri purposes in the 2 years preceding the year of Transfer, it has nothing to do with the period of Holding which is ABOVE 3 YEARS FOR LONG TERM,
LESS THAN OR EQUAL TO 3 YEARS, ITS SHORT TERM.
Thanks
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
The provisions are very clear, it says assets other than securities, the period of holding is 36 months i.e. 3 years.
The condition of 2 years for the purpose of claiming exemption under Section 54 B only means that such Agriland should have been used for agri purposes in the 2 years preceding the year of Transfer, it has nothing to do with the period of Holding which is ABOVE 3 YEARS FOR LONG TERM,
LESS THAN OR EQUAL TO 3 YEARS, ITS SHORT TERM.
Thanks
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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