Capital tax rebate on green belt land within 2 kms from CMC
My Father in law has a Agricultural land within 2 kms of Doddballapur town.He wants to sell it.He says the land is in Green Belt. So my question is, a Land in green belt within 2 kms of a Town like Doddaballpur(population more than 1 lakh) is rebated from Tax on capital gain?
Asked 12 months ago in Taxation from Bangalore, Karnataka
exemption from capital gains is available only if the sale proceeds is reinvested into another property within 3 years from the date of sale of land, irrespective of whether it is agricultural or converted land.