Capital gain query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 November 2012 Sir, this year I purchased an Agricultural land (Situated 2 KM after Muncipal area) on 23rd August, 2012. I purchased the land by taking loan from my wife’s firm.
Now I want to sell my other agricultural land (Situated after 2 KM from Muncipal area) which was acquired in the year 1968 and it has been used for agricultural purpose since then.
I have purchased the land before selling a land.
1)Is the land a Capital asset?
2)If the land is capital asset then will I get exemption from capital gain tax in this financial year?
3)Where can I find books & documents relating that?

Thanking you

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 November 2012 1. The land which you have sold is a capital asset and accordingly capital gain shall arise on transfer of such asset.

2. Exemption u/s 54B is available only if another land is purchased AFTER the date of sale.

In this case you have purchased the land BEFORE the date of sale.

Accordingly you are NOT eligible for exemption u/s 54B.

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