Suggetion
This query is : Resolved
26 January 2015
Dear sir
Our client had sale a agriculture land in mar 2011 and invested cap gain amt in may 2011 in new agri land but he has not filed return by treating rural agri land and case was opened in air schedule and we submitt return after calling by deptt only mentioned intt income but now we find that are urban land .pls give suggetion for claiming deduction under scrutiny case are carrying under scuritney
Our client had sale a agriculture land in mar 2011 and invested cap gain amt in may 2011 in new agri land but he has not filed return by treating rural agri land and case was opened in air schedule and we submitt return after calling by deptt only mentioned intt income but now we find that are urban land .pls give suggetion for claiming deduction under scrutiny case are carrying under scuritney
26 January 2015
Exemption under section 54B can only be claimed by an individual. The following conditions are satisfied capital gain exemption u/s 54B can be claimed.
1) You client can claim this exemption only if urban agricultural land transferred is used by you client or your client's parents for agricultural purpose during 2 years immediately before the date of transfer of such agricultural land. And
2) You client have purchased another agricultural land whether rural or urban to be used for agricultural purpose within 2 years from the date of transfer of original agricultural land.
The amount of exemption is equal to the amount invested in the purchase of new agricultural land subject to the amount of capital gain.
1) You client can claim this exemption only if urban agricultural land transferred is used by you client or your client's parents for agricultural purpose during 2 years immediately before the date of transfer of such agricultural land. And
2) You client have purchased another agricultural land whether rural or urban to be used for agricultural purpose within 2 years from the date of transfer of original agricultural land.
The amount of exemption is equal to the amount invested in the purchase of new agricultural land subject to the amount of capital gain.
26 January 2015
The land sold by your client is if Urban Agriculture Land then uou have to first make a computation in which you have to compute the capital gains on transfer of such Urban Agriculture Land.
.
Claim the exemption U/s 54B. If the cost of new land is more than the capital gains, it will be exempt.
.
Also include Agriculture income in the computation.
.
.
Claim the exemption U/s 54B. If the cost of new land is more than the capital gains, it will be exempt.
.
Also include Agriculture income in the computation.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- FTS Taxable under 115A
- Experts need help
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
