GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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New assets acquired for claiming exemption u/s 54, 54B or 54D,if transferred within 3 years, will result in:
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Short-term capital gain
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long-term capital gain
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Short-term capital gain orlong-term capital gaindepending upon original transfer
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None of these
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Explanation:
Detailed explanation-1: -Following conditions should be satisfied to claim the benefit of section 54B. The asset transferred should be agricultural land. The land may be a long-term capital asset or short-term capital asset.
Detailed explanation-2: -The exemption limit is Rs. 2, 50, 000 for resident individual of the age below 60 years. The exemption limit is Rs. 2, 50, 000 for non-resident individual irrespective of the age of the individual.
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