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section 54 B

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 November 2010 if individual sale the urban land and then invest the proceeds into rural agri land to take the benefit u/s 54B.now if the individual sale the rural agri land within 2 days...then whther the capital gain benefit taken u/s 54 B( by purchasing the rural agri land within the stipulated time period) will be withdrawn?? plz reply it urgently.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 November 2010 If the reinvestment is in rural agricultural land, there will be no capital gains even if it is sold with in a maximum period of three years because rural agricultural land is not a 'capital asset'. However, for the purpose of notional computation of capital gains, the amount for which the benefit availed under section 54B will be reduced from the cost of the rural agricultural land.
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