capital gains tax on agricultural land sale
This query is : Resolved
Ankit Aggarwal
(Querist)
07 July 2017
what will be the capital gains tax on sale of agricultural land? or sale of agricultural land is exempt?
CA R SEETHARAMAN
(Expert)
07 July 2017
1 sale of rural agricultural land is exempt.
Amol S Joglekar
(Expert)
07 July 2017
go through section 54B : Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases.
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
OR
section 2
(iii) agricultural land in India, not being land situated
(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand ; or
(b) in any area within the distance, measured aerially,
(I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh.
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
OR
section 2
(iii) agricultural land in India, not being land situated
(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand ; or
(b) in any area within the distance, measured aerially,
(I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or
(II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or
(III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh.
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