What will be the taxability on Gain on Sale of Agriculture Land situated outside the 8 km of Limit & not having the population of more than 10000 as last census.
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Taxability on Sale Agriculture Land
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In the above case, Capital Gains Tax will be attracted. The capital gains can be invested in purchasing another Agriculture Land. (Also refer Section 54B of the Income Tax Act, 1961)
Regards,
Devendra Kulkarni
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