15 August 2017
dear sir
I have sold a agricultural land after 4 years of purchase date and I want to know what are necessary citeria for claiming exemption under sec. 54b of long term cap. gain and documents does I need to have to claim exemption under this sec as in my itr I have shown income from agriculture for last 3 years..
15 August 2017
If you sale urban agriculture land then you can claim exemption u/s 54B.For claiming exemption, you can invest in new agriculture land(rural or urban) within 3 years. Also there is lock in period of 3 years.
16 August 2017
Please provide below information: 1. Nearest municipality; 2. No. of KMs (aerial / bird-flying distance) from the outer borders of the municipality; 3. Revenue passbook status (i.e. agriculture, horticulture, aquaculture &c) and payment of land revenue status; 4. Consideration as per stamp value authority of the state and consideration as per document; 5. Whether registration of sale is in acres (agricultural land) or in meters / square yards (sites); 6. Status of development in the vicinity i.e. construction activity of buildings, colonies, etc. 7. Whether the consideration as per the document is feasible for agricultural activity?
CAclubindia
