Section 54b
This query is : Resolved
10 August 2011
In case if the assessee sells urban agriculture land and the capital gains is say 24 lacs and he purchases rural agriculture land for30 lacs and claims exemption U/s 54B .The other conditions of Sec 54B are fulfilled.
Now the assessee sells the new rural land before the expiry of 3 years?
Then what will be the impact on capital gain taxability?
Now the assessee sells the new rural land before the expiry of 3 years?
Then what will be the impact on capital gain taxability?
10 August 2011
The cost of such new agricultural land is to be reduced by the amount of capital gain which had been exempt from tax.
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