Is short term capital gain araising on transfer of an agricultural land taxable? If so is there any exemption for the same?
3 Replies
VARUN
(PCC STUDENT)
(523 Points)
Replied 10 August 2009
i think it is exempt from income tax .... no tax is applicable on agricultural land...
HIMANI
( CA.FINAL STUDENT)
(49 Points)
Replied 11 August 2009
IF Agricultural land situated in urban area,taxable.and if u invest this money to purchase the agricultural land(urban,rural) ,then amount is exemted u/s 54B.
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