CCD Ltd. used agricultural land for agricultural purposes, when the Government compulsorily acquired the land. The long-term capital gains on transfer were ₹ 3,50,000. The tax on LTCG u/s 112 (ignore HEC) will be:
A. Exempt u/s 10(37)
B. ₹ 70,000
C. ₹ 72,800
D. ₹ 1,05,000
Answer:B
CCD Ltd. used agricultural land for agricultural purposes, when the Government compulsorily acquired the land. The long-term capital gains on transfer were ₹ 3,50,000. The tax on LTCG u/s 112 (ignore HEC) will be:
A. Exempt u/s 10(37) B. ₹ 70,000 C. ₹ 72,800 D. ₹ 1,05,000