08 September 2010
Agricultural land purchase dated:01.07.2007 70921/- and sales dated: 26.02.2010. Profit on sales of agricultural land is exempted or not. He paid advance against new agricultural land F.Y 2009-2010. This is exempted U/s.54B
21 September 2010
Profit on Agricultural land in exempt on in case of rural agricultural land. it is taxable in case on urban land. exemption u/s 54 B is on purchase on new agricultural land with in 2 years from date of transfer provided that amount is deposit in capital gain A/C with in date if filling return of income u/s 139(1).
i dont think exemption will be allowed on advance.
CAclubindia
