Can anyone explain me exemption process on agriculture land
When agriculture land will be exempt at time of transfer?.
Is there any exemption on urban agriculture land on transfer?.. If there is exemption so what will be the condition for this?..
What is exemption conditions for rural agriculture land on transfer?
And I have many issue regarding for this.
Please someone clear my these issues
And it will be very thankful if someone can call me and explain me on call.
Please contact me on this no:- 8755462955
1. Rural agriculture land is not considered as Capital Assets, So, there is no capital gain on sale of rural agriculture land, it's Exempt..
2. Urban agriculture land is Capital Assets, So, there will be a Capital Gain on sale of urban agriculture land but;
a) if urban agriculture land is compulsory acquired by government than there is no tax on Capital Gain, because whole Capital Gain on compulsory acquisition of urban agriculture land is Exempt u/s 10(37) of Income tax Act, 1961.
b) if it's sale of urban agriculture land (not compulsory acquisition), than capital Gain is taxable, but that capital Gain also you can save by investing in other agricultural land subject to fulfilling conditions u/s 54B
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