Gift of Agri Land

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Receiving agricultural land as a gift from your father for farming purposes in a rural area is generally not taxable in your hands under the Income Tax Act, 1961. However, if you decide to sell this land in the future, you may be liable for capital gains tax, depending on how long you've owned it and its nature.

Mahesh Jadhav

Mahesh Jadhav (Querist)

08 April 2023 Hello,

I have received a agriculture land situated in Rural area of Solapur from my father as a Gift for farming.

Currently I'm working at private Corporate in Pune.

My question is this transfer of rural agriculture land taxable in my hand ?

CA Sanat Pyne

CA Sanat Pyne (Expert)

08 April 2023 The transfer of rural agricultural land from your father to you as a gift is not taxable in your hand, as per the provisions of the Income Tax Act, 1961. However, if you sell the land later, then you may be liable to pay capital gains tax, depending on the nature and duration of your ownership of the land.

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Mahesh Jadhav

Mahesh Jadhav (Querist)

08 April 2023 Big help for me, thanks!

CA Sanat Pyne

CA Sanat Pyne (Expert)

08 April 2023 You are welcome.

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