- Don't worry it can be reversed if conditions of rural agriculture land gets satisfied.
Sale proceeds wrongly deposited in CGA
As per your reply, my agri land does not fall under the capital asset. Now how can I get back to square with the tax authority to get exempted from capital gain clause altogether n withdraw/transfer money to saving account.
Asked 4 years ago in Capital Gains Tax
I hv been told that once you have excercised clause CGA, you admit that your land is urban and therefore you cannot go back to prove it as rural n get exempted from its provisions. It is ridiculous. A layman excercise the safe way as not to get entangled in i
Asked 4 years ago
email id is aroravivek1982@gmail
Can capital gain arising out of sale of land if meeting the criteria of being a capital asset, be invested in a house constructed on the land purchased beside and alongwith for exemption u/s 54B out of the amount deposited under CGA scheme u/s 54F.
Asked 4 years ago
Explain them the matter and show them the sale deed explaining that it is not a capital gain and hence there was mistake to deposit the amount in CGAS.
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Thank you.
- only 54B is applicable if it is urban agriculture land.
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