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Q. > Please Help: LONG TERM CAPITAL GAIN
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387 views • Question added Sep 13, 2016 • Income Tax • By SUNIL KUMAR , CA , FEROZEPUR CITY


IS SALE OF AGRICULTURAL LAND BY A PRIVATE LIMITED COMPANY IS TAXABLE (LTCG)

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jayasri

15-Sep-2016 , 11:02:13 pm

1. AS PER SECTION 2(14) , URBAN AGRICULTURAL LAND IS TAXABLE BUT RURAL AGRICULTURAL LAND IS NOT TAXABLE AS CAPITAL GAIN 2. SO IF IT IS URBAN AGRICULTURAL LAND IN YOUR CASE THEN IT WILL BE TAXABLE IF SOLD BY THE COMPANY. 3. SECTION 54B TELLS ABOUT THE EXEMPTION RELATED TO CAPITAL GAIN ON URBAN AGRICULTURAL LAND BUT IT IS ONLY AVAILABLE TO INDIVIDUALS ONLY SO SINCE IN YOUR CASE ITS COMPANY THE COMPANY CANNOT AVAILABLE EXEMPTION UNDER SECTION 54B. 4. EVEN THE EXEMPTION IS NOT AVAILABLE UNDER SECTION 54F, SINCE IT IS AVAILABLE TO INDIVIDUALS AND HUFs ONLY

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