CAPITAL GAIN ON SALE OF AGRICULTURE LAND

IF I SOLD AGRICULTURE LAND AND INVEST IN RESIDENTIAL HOUSE THEN CAPITAL GAIN EXEMPTION WILL BE AVAILABLE TO ME.

BUT IF I HAVE ALREADY A OWNER OF COMMERCIAL PROPERTY THEN  WILL CAPITAL GAIN EXEMPTION  BE AVAILABLE IN THIS SECTION .

AND HOW WE  WILL CERTIFY THAT PROPERTY IS BEYOND 8 KM OF MUNCIPLETY AREA.

Replies (1)
Agricultural Land is not a capital asset u/s 2(14) and so the question of capital gain does not arise as far as sale of agricultural plot is concerned. Wheather you own a commercial property or not it does not matter.

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