| Question And Answer | |
|---|---|
| Subject: | Sec. 45(5A) |
| Category: | Income-Tax |
| Querist: | Sathe Satish |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | capital asset, Urban agricultural land |
| Date: | October 8, 2022 |
Assessee individual and is owner of Agricultural land which is urban agricultural land and is desire is contribute for joint development, whether provisions of sec. 45(5A) will be applicable, if other conditions of Sec. 45(5A) are complied.
Urban Agricultural Land is a Capital Asset within the definition of Capital Asset as per section 2(14) of the Income-tax Act, 1961. Therefore, section 45(5A) of the Act is applicable subject to fulfillment of other conditions.
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