Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2014
Sir,
I have sold rural ag. land ancestral on 15/09/2012 with sales consideration of Rs 35 lac. wither these amount is exempt or not ? if exempt in witch sec. and notification or circulars. Plz. guide me.
Thanks
I have sold rural ag. land ancestral on 15/09/2012 with sales consideration of Rs 35 lac. wither these amount is exempt or not ? if exempt in witch sec. and notification or circulars. Plz. guide me.
Thanks
12 June 2014
In case, it is Rural* (8 kms from cantonment board) and used for agricultural purpose then it is not a capital Asset.
Not a capital asset (under section 2 (14)) so no capital gains.
*Kindly note that definition of rural land has changed now w.e.f 01 April 2014.
Not a capital asset (under section 2 (14)) so no capital gains.
*Kindly note that definition of rural land has changed now w.e.f 01 April 2014.
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