WebJun 4, 2024 · The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, ... can deduction u/s 54B be claimed against purchase of more than 1 agricultural land within period of 2 years from the date of sale of agricultural land. Reply. … WebFeb 6, 2024 · Taxpayer can claim exemption under Section 54D of Income Tax Act for capital gains income on receipt of compensation on compulsory acquisition. ... Ravi will be able to claim a deduction under section 54 as follows: Particulars: Amount: Sales Consideration: 60,00,000: Less: Index Cost of Acquisition (30,00,000*317/264) …
Exemption of Capital Gains under Sections 54, 54B, 54D, 54EC, …
WebApr 13, 2024 · As per section 54B of the Act the deduction on long-term capital gains from sale of agricultural land was allowable if the long-term capital gains were invested by the … WebDec 24, 2024 · Section 54B of the Act authorizes an assessee to claim deduction under this section on an investment made for purchase of agricultural land two years prior to … mineral water 500ml x 24
Section 54B Exemption on Sale of Urban Agricultural Lans
WebMar 29, 2024 · Amendment to Section 54 and Section 54F. The I-T Act, for example, provides for exemption from tax on long-term capital gains under two separate sections, … WebMar 4, 2024 · The AO has denied the said deduction under section 54B of the Act. Aggrieved by the order of the AO, the assessee filed an appeal before the ITAT. Pramod Shingte, counsel for the assessee submits that assessee sold his land for consideration of Rs.1, 71, 00,000/ also preceding two years of sale, assessee had grown Tomato and … WebMar 28, 2024 · This deduction is on both LTCG and STCG. Only Sale of Urban Agricultural Land covered (Rural Agricultural Land is not a Capital Asset and no Capital Gain will be computed on it) Land must be used in Indiafor agricultural purpose by Individual, Parents, HUF for last 2 years. Person should invest the amount of LTCG in purchasing new … moshica