Capital gain of sale of agricultural land by a company
whether LTCG is applicable for Private Ltd Company for the sale of Agricultural land purchase during 2000-01 and proposed to sell during 2012-13 (FY).If applicable , whether any exemption is eligible such as capital gain exemption scheme, investment in residential building or acquiring agricultural land.
1. AS PER SECTION 2(14) , URBAN AGRICULTURAL LAND IS TAXABLE BUT RURAL AGRICULTURAL LAND IS NOT TAXABLE .... AS CAPITAL GAIN
2. SO IF IT IS URBAN AGRICULTURAL LAND IN YOUR CASE THEN IT WILL BE TAXABLE IF SOLD BY THE COMPANY .
3. SECTION 54B TELLS ABOUT THE EXEMPTION RELATED TO CAPITAL GAIN ON URBAN AGRICULTURAL LAND BUT IT IS ONLY AVAILABLE TO INDIVIDUALS ONLY SO SINCE IN YOUR CASE IT IS COMPANY THE COMPANY CANNOT AVAILABLE EXEMPTION UNDER SECTION 54B .
4. EVEN THE EXEMPTION IS NOT AVAILABLE UNDER SECTION 54F .....SINCE IT IS AVAILABLE TO INDIVIDUALS AND HUFs...