07 September 2012
If a land covers under definition of Agricultural Land or fulfill all conditions to be agricultural land but before selling it if assessee take N.A(considering Non Agriculture) and sell it then will gain be taxable?? What if it holds more than 3 years? what if it holds less than 1 year?
08 September 2012
Yes. assessee will be liable to short term/long term capital gains tax depending on the period of holding. Further, Exemption u/s 54B is available subject to the fullfilment of the conditions as prescribed in that section.
But there are other ways to handle this situation..
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