Capital gain

This query is : Resolved

CA Anurag Shukla (Querist)
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04 August 2011 if an assessee sells his industrial land so whether capital gain tax will be attracted or not.

if yes, then can he claim exemption how will he claim and under which section.

CA Ghanshyam Joshi

CA Ghanshyam Joshi (Expert)
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04 August 2011 Capital Gain Tax will be attracted

Exemption u/sec -
Capital Gains not chargeable on investment in certain bonds [Section 54EC] - Eligible assessee – Any assessee - Quantum of exemption - Capital gains or amount invested in specified bonds, whichever is lower

Capital gains in cases of investment in residential house [Section 54F] - Eligible assessees: Individuals / HUFs - Transfer of plot of land is also eligible for exemption -