what are the benefits available u/s 54
for the capital gain arising out of sale of agricultural land,Housing property, non agricultural plots?
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Capital gain benefits
Replies (4)
Quick Summary
Gain on Sale of rural agricultural land is not taxable and hence not relevant. Exemption u/s 54b in respect of sale of urban agricultural land and purchase of a new urban agricultural land.
Exemption can be claimed u/s 54 when a residential property is sold and a new house is purchased.
Exemption u/s 54f can be claimed if a non-agricultural plot is sold and a new house is purchased.
| Originally posted by : CMA Poornima Madhava | ||
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Gain on Sale of rural agricultural land is not taxable and hence not relevant. Exemption u/s 54b in respect of sale of urban agricultural land and purchase of a new urban agricultural land. Exemption can be claimed u/s 54 when a residential property is sold and a new house is purchased. Exemption u/s 54f can be claimed if a non-agricultural plot is sold and a new house is purchased. |
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Correct,
Also under 54EC you can claim exemption upto 50lacs for sale of any capital asset. you can claim exemption as a combination of sections 54 and 54EC
Agree with poornima ji
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