31 December 2015
i have a huf, i have sold an agriculture land profit from sale is 9,32,546, and i don't have any other income. cai i get deduction u/s 80c,if no than what amount will be charged as tax?but the agriculture land is situated in urban area.
31 December 2015
Deduction U/s 80C is not allowable against long term capital gains. . Long term capital Gain is required to be calculated by applying indexation to the cost of acquisition of land . . However, when the land is Rural Agriculture Land , it is not treated as a capital asset and profit arising on sale of such land is exempt from tax.
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