Demerger company sale in his agri land in portial, Capital gain details?

[Padmanaban K]

Company demerge in March 2015, and April 2016 the company sale in portion of Agri land. What in capital gain and further auction by income tax?

[Ganeshan Kalyani]

The date of acquisition shall be the purchase date of the demerged company. Accordingly the period has to be calculated for short term or long term capital goods. Thanks.

[DR.MARIAPPAN GOVINDARAJAN]

If the agricultural land is in rural area short term capital gains is exempted.

AI Summary

Date of acquisition determines capital gains period; rural agricultural land sale may attract short term capital gains exemption. Date of acquisition for assets following a demerger is the purchase date of the demerged company, and the holding period for classifying transfers as short term or long term capital gains is calculated from that date. If the land qualifies as rural agricultural land, short term capital gains are noted as exempt; no operative details on tax authority enforcement or auction are provided.