Tax on Sell of property

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  1. VAIBHAV DILIP RANE

    VAIBHAV DILIP RANE Active Member

    Yes, your Capital Gain is Totally Exempted, under section 54B of the Income Tax Act, 1961.

    under virtue of Section 54B (1) (ii) -

    Since the cost of purchase of New Agriculture Land is more than the capital gain on sale of original / old Agriculture Land,.. It is Exempted,...

    Subject to other conditions of the sections, and you have purchased the New Agriculture Land within 3 years from sale of original / old Agriculture Land.
     
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