Poonawalla fincorps
Poonawalla fincorps

Capital gain tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 April 2018 I had a agricultural land in city limits. I converted(into plots) my agricultural land into stock in trade and sold such plots.
Capital gain due to conversion of land into stock in trade was invested as per Section 54b. I purchased new agricultural land with whole capital gain.
Does my investment as per Sec 54B is in line with income tax act or ITO will disqualify such investment.?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
17 April 2018 not sure if 54B applies to you if the nature of original land was changed to Non-agriculture land.

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