SALE OF AGRICULTURAL LAND

Capital gain (or loss) is a profit (or loss) made while selling a capital asset.

Capital asset roughly means property – a house, an apartment, office space, factory, godown or a plot of land.

Agricultural land is not considered as a capital asset, unless it is situated within the limits of, or within 8 kilometers of a municipality.

Yes agricultural land is not considered as capital asset unless it satisfy certain conditions like situated within 8 kms of muncipal limits. If its a capital asset then no exemption from the STCG arising therefrom its sale can be claimed u/s 54, 54f, 54B, 54EC etc.

Yes agricultural land is not considered as capital asset

Agree with above. Please verify whether the Agricultural land and house appertenant thereto are "Capital Asset " or not as per test specified in section 2(14)(iii).

Kindly notice..

Exemption u/s 54B can availed if the agricultural land is used for atleast two years(not three years)

and hence exemption u/s can be claimed if the capital gain is invested within 2years from the date of sale..

         The only condition is that you have to invest he capital gain in any agricultural land only.....

Thankyou Mr. Vineet...

Thanks Mr.Bansal