Short term capital gain on agriculture land sale
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2011
I have sold my agriculture land purchased two years earlier. does short term capital gain applicable on agriculture land sale purchase? If yes, atwhat quantam.
27 August 2011
AS per the Income tax act No Capital Gain would be attracted if Sales consideration received from sale of old agriculture land is 100% invested for the purchase of new agriculture land and it is intended to be used for the purpose of agriculture only.
Other wise Tax would be applicable in same manner of other cases of Short Term Capital Gain.
Other wise Tax would be applicable in same manner of other cases of Short Term Capital Gain.
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2011
Thanks Vishrut
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