long term captial gain
This query is : Resolved
krishan kant
(Querist)
23 March 2010
dear all,
1. if i gain(long term captial gain) a large amount against sale of agriculture land, pls tell me how to save tax.
thanks
1. if i gain(long term captial gain) a large amount against sale of agriculture land, pls tell me how to save tax.
thanks
CMA Arif Farooqui
(Expert)
24 March 2010
U CAN SAVE TAX BY GOING THRU SEX 54 B.
AS PER THAT SEC, U HAVE TO PURCHASE A AGRICULTURE LAND(URBAN OR RURAL) WITHIN 2 YEAR AFTER DATE OF TRANSFER AND THIS LAND MUST NOT TRANSFER WITHIN A PERIOD OF 3 YEAR FROM DATE OF ITS ACQUISITION.
BUT IF U DONT WANT TO INVEST FOR 3 YEAR PERIOD, U SHOULD PURCHASE A RURAL AGRICULTURAL LAND WITHIN 2 YEAR FROM DATE OF TRANSFER. PERIOD OF HOLDING IT FOR 3 YEAR IS NOT APPLICABLE ON THIS, U CAN SELL IT ANY TIME WITHOUT PAYING TAX.
AS PER THAT SEC, U HAVE TO PURCHASE A AGRICULTURE LAND(URBAN OR RURAL) WITHIN 2 YEAR AFTER DATE OF TRANSFER AND THIS LAND MUST NOT TRANSFER WITHIN A PERIOD OF 3 YEAR FROM DATE OF ITS ACQUISITION.
BUT IF U DONT WANT TO INVEST FOR 3 YEAR PERIOD, U SHOULD PURCHASE A RURAL AGRICULTURAL LAND WITHIN 2 YEAR FROM DATE OF TRANSFER. PERIOD OF HOLDING IT FOR 3 YEAR IS NOT APPLICABLE ON THIS, U CAN SELL IT ANY TIME WITHOUT PAYING TAX.
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