doubt regarding income tax exumption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2010
is there an exumption of income tax in sale of agricultural land
Jalpa Shah
(Expert)
12 November 2010
You may refer section 54B.
According to that section this exemption is available to only individual. And the land should be used for agriculture purpose for last 2 years immediately preceding to the date of transfer.
And the sale consideration should be invested in another agriculture land within the period of 2 years from the date of such transfer.
According to that section this exemption is available to only individual. And the land should be used for agriculture purpose for last 2 years immediately preceding to the date of transfer.
And the sale consideration should be invested in another agriculture land within the period of 2 years from the date of such transfer.
Nikhil Kothari
(Expert)
13 November 2010
Expert, Jalpa Shah is correct, you can cliam deduction u/s 54B
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