Agricultural income
This query is : Resolved
CA Sunil Kumar Jain
(Querist)
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??
CA SAYANTAN BASU
(Expert)
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
CA Sunil Kumar Jain
(Querist)
17 November 2012
my question was ...is sale of agricultural land is agricultural income????
Gayathri Devi
(Expert)
17 November 2012
No it is Capital Gain
CA Sunil Kumar Jain
(Querist)
21 November 2012
as i know...rural agricultural land is not capital asset, so there is no question of capital gain......m i right???
CA SAYANTAN BASU
(Expert)
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 ..............
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
