Capital gain of sale of agricultural land by a company
This query is : Resolved
JAYAKUMAR.M.G
(Querist)
06 November 2012
Sir
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.
Rgds
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.
Rgds
CA SAYANTAN BASU
(Expert)
07 November 2012
DEAR SIR ,
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...
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...
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
