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Capital gain

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(Querist)
11 July 2014 Mr. A purchased rural Agricultural Land on 01-05-2013 and sold the same on 01-08-2013 after using it for agricultural activity..

what is the capital gain tax liability?

is there any requirement of Period of holding for Rural agricultural land?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
11 July 2014 if its rural agricultural land then no tax is applicable but needs to purchase a new agriclutural land for exemption.
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kunal

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kunal (Querist)
11 July 2014 but why?? exemption under which section??
sir it is rural agricultural land not covered in capital asset
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
11 July 2014 then no not taxable at all and no need for any such investment...............................
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kunal

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kunal (Querist)
11 July 2014 thank you sir for clarifying

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