Section 54F of Income Tax Act 1961 provides for tax exemption on capital gains that result from sale of any Long Term Asset (original asset) other than Residential House Property provided that the entire net consideration is invested in 1. Purchase of one residential house property (new asset) within 1 year before or 2 years […]

Are you planning to sell a plot of land? Well before you execute your deal, you should know the tax implications on capital gain on sale of land. If your land comes under the definition of rural agricultural land, then it is not considered as a capital asset and hence any income from its sale

Tax exemptions are available on capital gain on sale of agricultural land under various sections of Income Tax Act. Tax exemptions would depend on the type of holding, type of land and type of transfer. Let us look at it in detail. Sale of Agricultural Land held as stock-in-trade Agricultural land can either be held

Section 54B of Income Tax Act 1961 applies to an individual or Hindu Undivided Family. Section 54B provides for tax exemption on capital gain that arises from sale of agricultural land (original asset) provided that 1. The land was being used by the assessee or his parents for agricultural purposes for atleast last 2 years

Are you planning to sell a property or sold one already? Do you know that capital gains from your property are taxable? But Income Tax Act provides various exemptions & benefits that you can avail to avoid capital gain tax on sale of property. One of such benefits is Capital Gain Account Scheme. In this

Section 54 of Income Tax Act 1961 provides tax exemption on capital gains that result from sale of residential house property. In this article we will discuss about tax exemptions available under section 54 in detail. Conditions to be satisfied under section 54 Who can claim exemption under section 54 of Income Tax Act? Any