Income tax on sale of Agricultural Land
This query is : Resolved
03 November 2009
In case of sale of agricultural land outside the city limit or panchayat of population of 10,000 or more , what is the tax implication.
The assessee is using the land for agricultural purpose. As per IT Act, Capital asset is one which is within the limit of municipal limit which is more than 10,000 population or more.
In case the sale of land is outside the limit, the profit on sale of agricultural land is to be grouped under Agricultural income ? If not how to treat the income.
Swaminathan
The assessee is using the land for agricultural purpose. As per IT Act, Capital asset is one which is within the limit of municipal limit which is more than 10,000 population or more.
In case the sale of land is outside the limit, the profit on sale of agricultural land is to be grouped under Agricultural income ? If not how to treat the income.
Swaminathan
03 November 2009
Also u may have to verify that whether the said land is situated in the notified area for which CBDT Notification 10E dated 06/01/1994 and 1302 dated 28/12/1999 reported in 205 ITR (St) 121 and 248 ITR (St) 258 respectively may be referred.
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