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.

VISHRUT

VISHRUT (Expert)
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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.

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2011 Thanks Vishrut

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