banner_ad

income taxable under capital gain

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 November 2009 Dear friends,

i want to know that i sale a agriculture land which was after purched come within 8 kames of minicipal limits and hence categorized as urban land. now i sale that and invest the amount in purchase of new agriculture land. will i get the exemption of section 54b. please mention any case law on that?
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
24 November 2009 ‘Land’ need not be ‘agricultural land’ - The exemption under section 54B is available to the seller of ‘a capital asset being land’. It does not restrict the benefit to agricultural land only. However, the land against which the benefit is sought must have been used by the assessee or his parent for agricultural purpose in the two years immediately preceding the date of sale - CIT v. Smt. Savita Rani [2003] 133 Taxman 712/[2004] 270 ITR 40 (Punj. & Har.).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details