Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2013 I have inherited the agriculture land from my forefathers. The said land was used for agriculture purpose for many years.After few years it was converted into NA and sold.
Whether the profit will be a Business Profit or a Capital Gain ?
I have invested the profit (Capital Gain ) in the Residential Property within the time limit. Whether I will get the benefit of Exemption?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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29 April 2013 Profit will be Capital Gain

Exemtion taken by you will be depending on which exemption you took i.e it can be 54EC & 54F

both also depends on that gain should be Long Term

& also subject to other conditions as the case may be

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