Capital gain exemption
This query is : Resolved
24 December 2012
I have sold an agricultural land.Can I claim exemption from Capital gain if I purchase a residential property? Is there any other option to claim exemption?
CA PARAS BAFNA
(Expert)
24 December 2012
In case the land sold is Rural Agriculture land , you need not to invest in any new asset. However, U/s 54F, in respect of capital gains arising on transfer of Urban Land, you may get exemption.
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You may also invest Capital Gains in another Agriculture land.
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Capital Gain Bonds U/s 54EC.
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You may also invest Capital Gains in another Agriculture land.
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Capital Gain Bonds U/s 54EC.
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CA Mukesh Jain S
(Expert)
24 December 2012
Rural Agricultural land is not considered as an capital asset & hence there cannot be a capital gain on that.
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