Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 April 2014
what is the capital gain tax on sale of agricultural land and what are the exemptions u/s 54
Harsha goyal
(Expert)
05 April 2014
Sale of rural agricultural land is exempt from tax. Sale of urban agricultural land is taxable. exemption on capital gain arising from the sale of urban agricultural land is available u/s 54B. In this you need to reinvest the capital gain amount in another agricultural land either urban or rural, within 2 yrs from date of transfer.
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