As, I earlier discuss in article when an agricultural land is capital asset or not, that is the first step to calculate capital gain tax on agricultural land. So, if Agricultural land not forming part capital asset and sale of which will attract capital gains tax subject to exemption under Section 54B, which is explained below. Section 54B – Capital gain on transfer of land used for agricultural purposes not to be charged in certain .....
Any Profit or gain arising from the transfer of a capital asset is chargeable to tax under the head Capital Gains. In the previous article, we had discussed about the basic concept of capital gains and capital assets. In this article, we will cover only the topic of agricultural land. Most of us consistently puzzle to decide whether a particular land is agricultural or not. This is the leading subject to understand while calculating the capital .....
