GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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For claiming exemption under section 54B the assessee should acquire:
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Any agricultural land
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Rural agricultural land
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Urban agricultural land
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None of these
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Explanation:
Detailed explanation-1: -The assessee can claim the exemption under section 54B by acquiring a new agricultural land within a period of two years.
Detailed explanation-2: -Exemption under Section 54B of the Income Tax Act is available on Capital Gains on the sale of one agricultural land and purchase or construction of another agricultural land. The amount of Exemption under Section 54 will be lower of: The cost of new agricultural land.
Detailed explanation-3: -Section-54 : A Residential House Property. Section-54B : Agricultural land if it was used by the individual or his parents for agricultural purposes for at least 2 years immediately prior to transfer.
There is 1 question to complete.