agr landurban agr land
This query is : Resolved
28 July 2008
are the following receipts taxable
1.sale of rural agricultural land
2.sale of urban agricultural land
1.sale of rural agricultural land
2.sale of urban agricultural land
28 July 2008
For this purpose the agricultural land as appearing in the definition of capital asset u/s 2(14)(iii) is to be considered. As per the said section, any agicultural land which is not situated in any area within the jurisdiction of a municipality or a cantonment having a population of 10000 or more or any area within 8 KMS from the limit of such municipality or cantonment is not a capital asset. Conversely, any land within such limits will be capital asset and the gain arising from the sale of such land shall be a capital gain under income tax act.
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