Exemptions in Capital Gains
This query is : Resolved
ASHUSH AGARWAL
(Querist)
22 February 2011
Sr
I am a CA student and aware of exemption U/s 54 but recently i came to know that the capital gain on the sale of agricultural land which is in the place where population is below 10000 (Ten thousand only) is totally exempt from tax. I mean there is no further condition of specific investment and deposits in Govt. account.
Is there any provision and section under Income Tax act? Please guide me for the same in both the condition Long Term and Short Term.
I am a CA student and aware of exemption U/s 54 but recently i came to know that the capital gain on the sale of agricultural land which is in the place where population is below 10000 (Ten thousand only) is totally exempt from tax. I mean there is no further condition of specific investment and deposits in Govt. account.
Is there any provision and section under Income Tax act? Please guide me for the same in both the condition Long Term and Short Term.
Guest
Guest
(Expert)
22 February 2011
Read definition of capital assets u/s 2(14)
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ASHUSH AGARWAL
(Querist)
24 February 2011
Sr Thanks for your guidance
As per the definition that agricultural land will not be counted as Capital asset.Than how will the provision of taxation will apply on the profit by sale of such Agricultural land??
As per the definition that agricultural land will not be counted as Capital asset.Than how will the provision of taxation will apply on the profit by sale of such Agricultural land??
Dhirajlal Rambhia
(Expert)
07 November 2021
It is not liable for capital gains calculation. The proceeds are directly credited to capital account.
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