Sale of Agricultural land
This query is : Resolved
18 February 2011
Is the gain from the sale of Agricultural land is exempted from Capital gain tax?
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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