Capital gains and exemption u/s 54f
This query is : Resolved
13 August 2013
dear sirs
my father purchased 19054 sqft of mango orchard in urban area fringe (plantation) in 1973 in my name. My father passed away in 2009.In 2012 I sold 1361 sq feet of the orchard. Does this land qualify as an agricultural land for the purpose of capital gain tax exemption?
respond soon
THANKS
my father purchased 19054 sqft of mango orchard in urban area fringe (plantation) in 1973 in my name. My father passed away in 2009.In 2012 I sold 1361 sq feet of the orchard. Does this land qualify as an agricultural land for the purpose of capital gain tax exemption?
respond soon
THANKS
14 August 2013
No, for exemption purpose land has to be RURAL AGRICULTURAL LAND, and you have already said it is in urban area. Moreover agricultural land has also been defined in the act.
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