Agri land sale rs 45000/- does it taxable

This query is : Resolved

DINESH MAHADEO WAGHMARE (Querist)
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18 April 2018 Sir.I sold out my agri land around 4 acre for Rs 4500000/- does it taxable? If taxable how to calculate tax in agri land sold?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 April 2018 if it is agricultural land as per IT act, then there is no taxability

Shrinivas (CA, LLB, CISA)

Shrinivas (CA, LLB, CISA) (Expert)
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18 April 2018 Depends on whether the agricultural land is a rural agri land or Urban agri land. Sale of Urban agricultural land is taxable. Sale of Rural agricultural land is not considered as "transfer".

The Capital gain computation in case of sale of Urban Agricultural land is done in the same manner as that of any other asset.