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Capital Gain Tax

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(Querist)
13 September 2010 we are the partners of a firm inwhich agricultural land for ginning factory was purchased since 1970.The land is situated within limits of Nagar Panchayat in M.P. The factory was closed from 1995. Now we want to sale the Agri. Land. What will be the liability of capital Gain on the firm?
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
14 September 2010 agricultural land as per income tax is a land on which assessee or his family did agriculture since last two years.
as in ur condition, this condition is not fulfill, so u can't claim exemption u/s 54B.

u can claim exemption u/s 54EC. tax liability can be found out after sale not before.
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