How exemption on long-term capital gains for the sale of agricultural land can be claimed?
2 weeks, 6 days ago

How exemption on long-term capital gains for the sale of agricultural land can be claimed?

Live Mint  

For agricultural purposes, I intend to sell my urban agricultural land within the municipal limits, which has been repurchased for ten years. Agricultural land in a rural area is not a capital asset u/s 2; therefore, no capital gains arise on its sale. However, urban agricultural land is considered a capital asset, and profits from selling such lands would be treated as capital gains and attract tax. Capital Gains on Agricultural Land: Exemptions and tax saving strategies explained Section 54B provides for exemption of taxable long-term capital gains in respect of the sale of agricultural land if another agricultural land is bought within two years from the date of sale of the land. You may also use Section 54EC to save long-term capital gains by investing the unindexed long-term capital gains in capital gains of specified financial institutions within 6 months.

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How exemption under Section 54F for long-term capital gains on the sale of a plot of land is computed?
3 weeks, 6 days ago

How exemption under Section 54F for long-term capital gains on the sale of a plot of land is computed?

Live Mint  

I have sold a plot of land for ₹67 lakh. If I invest the long-term capital gains of Rs35.40 lakh in a residential flat, I understand that I do not have to pay any tax due to the exemption available under Section 54F. Since you have sold a plot of land and not a residential house, you can claim an …

How is sale of agricultural land taxed?
1 year, 7 months ago

How is sale of agricultural land taxed?

Live Mint  

We are a family of four, including my parents and my elder brother. —Name withheld on request Agricultural land in India does not qualify as a capital asset ), unless it is situated as follows: a) In any area within the jurisdiction of a municipality/ cantonment board, with a population* of 10,000 or more; or b) In any area : …

Lands Re-Purchased Not To Be Mandatorily Agricultural On The Date Of Re-Investment: ITAT Allows Capital Gain Exemption
2 years, 7 months ago

Lands Re-Purchased Not To Be Mandatorily Agricultural On The Date Of Re-Investment: ITAT Allows Capital Gain Exemption

Live Law  

The Pune Bench of theIncome Tax Appellate Tribunal, consisting of Satbeer Singh Godara and Dipak P. Ripote, has ruled that the legislature has nowhere incorporated that for claiming the deduction under section 54B of the Income Tax Act, the lands re-purchased have to be agricultural on the date of re-investment. The ITAT noted that the reinvestment clause in section 54B …

Income tax: This is how you can you seek exemption from long term capital gains
2 years, 8 months ago

Income tax: This is how you can you seek exemption from long term capital gains

Live Mint  

As the deadline to file income looms closer on July 31, taxpayers must be busy arranging the essential documents to be able to meet the deadline. For instance, the sale of immovable assets comes under long term capital gains if sold after two years and the time period reduces to one year in case of securities and mutual funds. To …

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