long term capital gain tax

Querist : Anonymous (Querist) 23 February 2011 This query is : Resolved
Sir,
i have purchased agricultural land in 1975 which is out of municipal corporation limits but within 8 k.m. from municipal corporation area now i want to sale this land and again i am purchasing another agricultural land from money earn by the sale of land purchased in 1975 whether the amount received will be taxed or not

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Sathyan A.R. (Expert) 23 February 2011
you can refer to section 54 of income tax act various sub sections answer your auestion. or ask your chartered accountant.
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soumitra basu (Expert) 15 April 2011
All agricultural land within the distance of 8 k.m.s will not attract capital gain tax. You have to see firstly whether the mouza is within the mischief of circular issued by board. If not, you will be outside the purview of capital gain tax.

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