I WANT TO KNOW THAT OUR COMPANY HAS SOLD A PIECE OF LAND (AGRICULTURE LAND) CAN WE CLAIM ANY EXEMTION IN SECTION 54, 10(37) AND 2(14) OF THE INCOME TAX ACT, 1961,
harish kumar (MANAGER - ACCOUNTS) (27 Points)
03 May 2010I WANT TO KNOW THAT OUR COMPANY HAS SOLD A PIECE OF LAND (AGRICULTURE LAND) CAN WE CLAIM ANY EXEMTION IN SECTION 54, 10(37) AND 2(14) OF THE INCOME TAX ACT, 1961,
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 03 May 2010
Section 54 & 10(37) not applicable to companies.
Exemption u/s 2(14) is available only if
agricultural land in India, is sitauted —
(a) in any area which is comprised within the jurisdiction of a municipality41 (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population41 of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or
(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette42;]
M.Lokesh
(Student)
(95 Points)
Replied 03 May 2010
Defintion of Capital Asset does not include Agricultural Land. Hence sale of Agri Land is not under purview of Capital Gains at first.
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
CAclubindia
