Exemption u/s 54
This query is : Resolved
SHYAM SUNDER GOYAL
(Querist)
01 August 2013
agriculture land purchase in 2010
one another agriculture land
purchase date: 29/03/11 which sold on 21/05/12
is there any exemption available for the assessee u/s 54
one another agriculture land
purchase date: 29/03/11 which sold on 21/05/12
is there any exemption available for the assessee u/s 54
CA PARAS BAFNA
(Expert)
01 August 2013
SS G, no exemption is available as the
"One another" land is sold very quickly.At least 2 years agriculture activities by the assessee or his parent is required on such land for getting exemption.
.
However, if the land is a rural agriculture land , your income from sale of such land will not be taxable.
.
"One another" land is sold very quickly.At least 2 years agriculture activities by the assessee or his parent is required on such land for getting exemption.
.
However, if the land is a rural agriculture land , your income from sale of such land will not be taxable.
.
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