Sale of Agricultural land
This query is : Resolved
Sumiti Jain
(Querist)
18 February 2011
Is the gain from the sale of Agricultural land is exempted from Capital gain tax?
CA Ratan kandare
(Expert)
18 February 2011
Dear madam,
As per the u/s 54B if u transferd or sale the agriculture land and gain arised on such transsaction then capital gain is liable for tax but if u satisfy the following condition then it is exampt.
u must have purchas the another agiriculture land within 2 year of transfered or sale.
examption available is lower of :
-cost of purchase of new land or
- capital gain
As per the u/s 54B if u transferd or sale the agriculture land and gain arised on such transsaction then capital gain is liable for tax but if u satisfy the following condition then it is exampt.
u must have purchas the another agiriculture land within 2 year of transfered or sale.
examption available is lower of :
-cost of purchase of new land or
- capital gain
Message likes :
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Guest
Guest
(Expert)
18 February 2011
Capital gains on rural Ag. land is totally exempt.
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