Agricultural land
This query is : Resolved
23 September 2013
A company is having an agricultural land for the last 15 years and agricultural activities are conducted on it for last so many years. Now the company wishes to sell the land. Would there be any capital gain tax on it? The area where the land is situated has a population less than 10000 but it falls under Municipal Corporation limits. Please give valuable opinions.
CA Pallav Singhania
(Expert)
23 September 2013
It's an urban agriculture land, and transfer of such land attracts capital gain,
Yes, there will be a capital gain,
And you can not claim exemption U/S 54B, 54F or 54EC.. Its for Individual and for HUF..
Yes, there will be a capital gain,
And you can not claim exemption U/S 54B, 54F or 54EC.. Its for Individual and for HUF..
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