Section 54b on short term capital gain
This query is : Resolved
24 August 2016
if any urban agriculture land purchased at date 01/08/2015
and sale at 25/03/2016
can get exeption of section 54B to avoid capital gain with purchasing another agriculture land with in 2 years ?
and sale at 25/03/2016
can get exeption of section 54B to avoid capital gain with purchasing another agriculture land with in 2 years ?
CA R SEETHARAMAN
(Expert)
24 August 2016
As the land is not held for two years and used for agriculture 54B exemption can't be claimed.
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24 August 2016
can be held more than two years for get exmption of 54B
if any urban agriculture land purchase in 2010-11 and sell in 2015-16
can we get benefit of 54B ?
if any urban agriculture land purchase in 2010-11 and sell in 2015-16
can we get benefit of 54B ?
CA R SEETHARAMAN
(Expert)
24 August 2016
Yes provided it is used for agriculture for two years immediately preceding the transfer.
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24 August 2016
sir till new agriculture land not purchase
is it mandatory to keep money of considration in capital gain acount ?
is capital gain acount provision aplied in all section of capital gain exeption to spend period till reinvestment ?
is it mandatory to keep money of considration in capital gain acount ?
is capital gain acount provision aplied in all section of capital gain exeption to spend period till reinvestment ?
ACA Anurag
(Expert)
24 August 2016
Yes.
U should purchase a new agricultural land from capital gain account.
Hope your query is resolved
Kindly like if my response has helped you
U should purchase a new agricultural land from capital gain account.
Hope your query is resolved
Kindly like if my response has helped you
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