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Sale of Agricultural land

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18 February 2011 Is the gain from the sale of Agricultural land is exempted from Capital gain tax?
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CA Ratan kandare

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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
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Guest

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Guest (Expert)
18 February 2011 Capital gains on rural Ag. land is totally exempt.
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