13 August 2013
The assessee has an agricultural land which was acquired by the government in A.Y 2013-2014. The assessee received a sum of amount RS. 41 L.What is the income tax treatment regarding same.
13 August 2013
If the land was a rural agricultural land then it is NOT taxable.
If the land was an urban agricultural land then it is taxable as capital gain.
If the asset was held for more than 36 months, then it is a long term capital asset and exemption u/s 54F can be availed by investing the sale proceeds in a residential house property.
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