FARM HOUSE IN RURAL AGRI LAND SALE
This query is : Resolved
20 August 2020
AN ASSESSEE WHO CONSTRUCTED A FARM HOUSE FOR 225000 DURING THE FINANCIAL YEAR 2018-2019 IN HIS RURAL AGRI LAND. HE SOLD THE AGRI LAND TOGETHER WITH FARM HOUSE OUT OF SALE RS. 395000 PERTAINING TO THE FARM HOUSE. i WANT TO GAIN ON SALE OF FARM HOUSE IS TAXABLE AS SHORT TERM CAPITAL GAIN OR PROFIT ON SALE OF AGRI LAND. tAX CONSEQUENCES?
21 August 2020
Rural agricultural land and farmhouse exempt from capital gains tax.
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