Agriculture land

This query is : Resolved 

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?

Thank You..

Plz Reply...

CA Shreyans Singhvi

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..

08 September 2012 ok... Thank you sir...




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