Capital gain tax on sale of agriculture land
This query is : Resolved
dinesh gupta
(Querist)
30 September 2013
Hi!
I have purchased agriculture land in urban area in 2006-07 for Rs. 70,000.00 and sold the same in 2012-13 for Rs. 18,00,000.00 and have purchased agriculture farm land in urban area for Rs, 11,00,000.00 in 2012-13. Pl. let me know the amount on which I have to pay Capital Gain tax.
regards
Dinesh Gupta
I have purchased agriculture land in urban area in 2006-07 for Rs. 70,000.00 and sold the same in 2012-13 for Rs. 18,00,000.00 and have purchased agriculture farm land in urban area for Rs, 11,00,000.00 in 2012-13. Pl. let me know the amount on which I have to pay Capital Gain tax.
regards
Dinesh Gupta
CA Pallav Singhania
(Expert)
30 September 2013
Exemption under section 54B can only be claimed by an individual.
1) You can claim this exemption only if urban agricultural land transferred is used by you or your parents for agricultural purpose during 2 years immediately before the date of transfer of such agricultural land.
2) You have purchased another agricultural land whether rural or urban to be used for agricultural purpose within 2 years from the date of transfer of original agricultural land.
The amount of exemption is equal to the amount invested in the purchase of new agricultural land subject to the amount of capital gain.
1) You can claim this exemption only if urban agricultural land transferred is used by you or your parents for agricultural purpose during 2 years immediately before the date of transfer of such agricultural land.
2) You have purchased another agricultural land whether rural or urban to be used for agricultural purpose within 2 years from the date of transfer of original agricultural land.
The amount of exemption is equal to the amount invested in the purchase of new agricultural land subject to the amount of capital gain.
CA Pallav Singhania
(Expert)
30 September 2013
If all the above condition is fulfilled then,
Sale Consideration: 1800000
Less:
Cost of Acquisition 1,16,257
{852/519 X 70000}
LTCG 16,83,743
Less: Exemption U/S 54B 11,00,000
LTCG 5,83,743
It will be taxed @ 20 percent..
Sale Consideration: 1800000
Less:
Cost of Acquisition 1,16,257
{852/519 X 70000}
LTCG 16,83,743
Less: Exemption U/S 54B 11,00,000
LTCG 5,83,743
It will be taxed @ 20 percent..
dinesh gupta
(Querist)
30 September 2013
what happens in case if I have shown any income from the sold agriculture land.
CA Pallav Singhania
(Expert)
30 September 2013
it will be liable to tax....
dinesh gupta
(Querist)
30 September 2013
on Rs. 18,00,000.00
CA Pallav Singhania
(Expert)
30 September 2013
If you've shown the purchase of another land and claimed exemption U/S 54B, then on 583743 else on 16,83,743..
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
- 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
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- 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
