13 November 2013
I have a agricultural land, but was not using it for agricultural purposes, I had built a farm house on that particular land. The land was takenover by the government for making highway on it. My query is can i get the benefit of exemption on long term capital gain as the land is in agriculture zone even if i had constructed a farm house on it. Waiting for your answers Thank you
13 November 2013
Such land is an agricultural land but not used for agricultural purpose so it will be treated as capital asset, yes you can avail exemption U/S 54F, 54EC....
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