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 8 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.