Capital gain on agricultural land
This query is : Resolved
13 February 2012
If somebody sell their agricultural land for 50 lakhs, is it required to pay capital gain tax if they have not invested same within 6 months in agricultural land or some other asset?
CA SUMiT PATWARi
(Expert)
13 February 2012
Agricultural land is not a capital asset. No capital gain arises.
Only Agricultural land situated in an urban area or within a distance of 8 km from any notified municipal or cantonment board area is considered a capital asset.
Only Agricultural land situated in an urban area or within a distance of 8 km from any notified municipal or cantonment board area is considered a capital asset.
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