FARM HOUSE IN RURAL AGRI LAND SALE
This query is : Resolved
P.Madhivadhanan
(Querist)
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?
CA R SEETHARAMAN
(Expert)
21 August 2020
Rural agricultural land and farmhouse exempt from capital gains tax.
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