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Section 54B - Capital gain on transfer of land used for agricultural purpose - Income Tax - Ready Reckoner - Income TaxExtract Section 54B - Exemption on Capital gain on transfer of land used for agricultural purpose Assessee Individual/HUF Nature of Asset Long-term capital asset / Short-term capital asset Asset to Transfer Urban Agricultural land used by Individual himself or by his parents for agriculture purpose during previous 2 years immediately preceding the date of transfer. New assets to be purchased or constructed Agricultural land whether in Rural Area or Urban Area Time limit Purchase: Within 2 years after the date of transfer Capital Gain Deposit Scheme Available, to be deposit before due date of ROI u/s 139(1) . Quantum of Deduction Lower of: - a) Capital Gains, or b) Cost of New Asset/Deposit Amount in the scheme Transfer of new agricultural land before 3 years If such New Asset transferred within 3 Years from the date of purchase or construction, then Cost of Acquisition of New Asset to be reduced by capital gain exemption availed. If new agricultural land is a rural agricultural land, there would be no capital gain on transfer of such land.
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