Agriculture land
Querist : Anonymous
i am going to purchase a agriculture land
which is situated in rural area and below 10,000 population.
i want to know that i have to pay tax or not
or how can make it exempt
Please guide me....
Income Tax on agriculture land in India and what do we mean by rural agriculture land for calculation of capital gain on agriculture property. Rural Agriculture land is not considered as capital asset as per section 2(14) of the Income Tax Act.
Rural agriculture land means an agriculture land in India:
It situated in any area which is comprised within the jurisdiction of a municipality ( whether known as a municipality, municipal corporation, notified area committee, town committee or by any other name) and its population should be less than 10,000 as per the last published census, or
If situated outside the limit of municipality, etc., it should be situated certain kilometers away from the local limits of any municipality, etc. as may be specified by the Central government in the official Gazette. The Central government can notified urban land upto maximum 8Kms from the limits of municipality, etc.Which are the Assets not Taxed under Capital Gain Head of Income Tax Act
Querist : Anonymous
It is fully exempt
if 3 of above provision fulfilled.
or i have to pay any extra charge.
please.. ans
Querist : Anonymous
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