rural agriculture land
This query is : Resolved
24 September 2010
Is it necessary that for exemption of capital gain on sale of rural agricluture land, agricultural activity needs to be carried out on rural agricultural land. As per government record it says agriculture- barren land land 30 kms from muncipal corporation population more than 10000=00
24 September 2010
Yes agricultural activity is mandatory as per section 54B(1) of the Income tax Act,1961. The government record,in the given case,will adversly affect the case.
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