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Capital Gains

This query is : Resolved 

Can a agricultural land be sold and the gains made be invested to buy a plot of land and construct house so as to claim benefits u/s 54F


Yes if it's an urban agricultural land and investment of full consideration required

Thank you so much sir
1.what if it is a rural agricultural land will the sales proceeds be taxed..and
2.what is the taxability If it is a rural agricultural land ..can the entire amount of sales proceeds be invested in
buying plot of land to construct house

Rural agriculture land is not a capital asset accordingly no capital gain when it is sold.

Will it be taxed under any other heads of income. If exempt under which section benefit can be claimed

Not taxable under any other heads. Not a capital asset u/s 2(14).

Do we need to declare the amount received while filing income tax return

Not required....................


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