aggriclture income form selling of aggriclture land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 January 2010
Hi Everyone
I have an agriculture land and given the lease to Ltd. Company and the company construct a factory building on the above land, now the company close and I purchase the above factory building with some consideration and now i want the whole setup and want to know the whole consideration received from the sale of land and building is whether capital gain or aggriculture income.
I have an agriculture land and given the lease to Ltd. Company and the company construct a factory building on the above land, now the company close and I purchase the above factory building with some consideration and now i want the whole setup and want to know the whole consideration received from the sale of land and building is whether capital gain or aggriculture income.
13 January 2010
This will be taxable under capital gain because for agricultural land purpose you have to do atleast 2 year preceding the date of sale of land, agricultural activities on that building and here you are transferring property but not generating any revenue from agricultural activities.
Therefore, transfer of this capital asset will be taxable under CAPITAL GAIN.
Regards!!!
Therefore, transfer of this capital asset will be taxable under CAPITAL GAIN.
Regards!!!
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