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

Cost Inflation Index is used for computation of long term capital gain/ loss from the sale of assets such as property, gold, shares, bonds etc. While calculating applicable capital gain tax, the index is used to reduce inflationary gains which eventually reduces the income tax liability. What is Cost Inflation Index? The value of an

Section 54D of Income Tax Act 1961 provides for tax exemption on capital gains that arises from compulsory acquisition, under any law of capital asset, of land or building or any right in land or building (original asset) belonging to an industrial undertaking. Following conditions should be satisfied to claim exemption under section 54D: 1.