Sec 115jb
This query is : Open
14 September 2012
A company has sold agricultural land. Being an agricultural land, no capital gain would be levied. But is MAT u/s 115JB applicable on the same or not?
14 September 2012
Hey as per my view U/s 54 B It will be allowed to only Individual & HUF not to Co. , so in which Section u r Claiming that co.have no Capital Gain ????
14 September 2012
I agree with mr ankur, . Sec 54B exemption is available to individual only.
14 September 2012
I agree with mr ankur, . Sec 54B exemption is available to individual only.
14 September 2012
Mr. Ankur & Mr. Pankaj, Under the provisions contained in the Income-tax Act 1961, capital gains tax is payable whenever profit is derived on selling a capital asset. However, agricultural land in India under certain facts and circumstances is not treated as capital asset as per the definition contained in section 2(14) of the Income-tax Act 1961.
The simple theme is if an item which is sold is not considered as a capital asset. In that situation any gain arising therefrom will not be subjected to income-tax.
Correct me if i am wrong.
The simple theme is if an item which is sold is not considered as a capital asset. In that situation any gain arising therefrom will not be subjected to income-tax.
Correct me if i am wrong.
15 September 2012
Swasti.....pls clarify if I am wrong if I say that agriculture land is treated as a capital asset in the hand of a co. and therefore its sale its taxable in hands of co.
17 September 2012
Mr. Pankaj .... As per definition given in Sec 2(14)(iii), agricultural land in India is not a capital asset for an assessee. Now assessee covers both individual as well as company. So as per my understanding, it is not a capital asset in the hands of a company engaged in agricultural activities only. If there is any other provision, please let me know.
18 September 2012
Thanks for the clarifications...
19 September 2012
But my query on the matter has been perhaps subsided - Is there MAT liability on Agricultural land sold by a private limited company? Could anybody please clarify this?
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