Agricultural income
This query is : Resolved
16 November 2012
is sale of agricultural land is revenue u/s 2(1A).
if not then where "the surplus", if any, out of the above will be taxable??
if not then where "the surplus", if any, out of the above will be taxable??
17 November 2012
Dear sir ,
1. The sale of rural agricultural land is not taxable because it does not come under definition of capital asset u/s 2(14) .So it is not taxable ....
2. The sale of urban agricultural land is taxable because it does not come under definition of capital asset u/s 2(14).So it is taxable ....
3. if urban agricultural land has been held less than 36 months then in that case ....it should be short capital gain otherwise it will be long term capital gain ..........
HOPE THIS WILL SOLVE YOUR QUERY
1. The sale of rural agricultural land is not taxable because it does not come under definition of capital asset u/s 2(14) .So it is not taxable ....
2. The sale of urban agricultural land is taxable because it does not come under definition of capital asset u/s 2(14).So it is taxable ....
3. if urban agricultural land has been held less than 36 months then in that case ....it should be short capital gain otherwise it will be long term capital gain ..........
HOPE THIS WILL SOLVE YOUR QUERY
17 November 2012
my question was ...is sale of agricultural land is agricultural income????
17 November 2012
No it is Capital Gain
21 November 2012
as i know...rural agricultural land is not capital asset, so there is no question of capital gain......m i right???
21 November 2012
Dear sir ,
As per accounts you should show as a profit from the sale of agricultural land but as there is no tax implications therefore it will not come in the income tax return ..............
As per accounts you should show as a profit from the sale of agricultural land but as there is no tax implications therefore it will not come in the income tax return ..............
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