Re: capital gains on sale of agricultural land

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sunil c (Querist)
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08 February 2013 Hi..

An agriculturist has sold his agricultural land after retaining it for 4 years for a consideration.

The land is 30 kms from municipal limits.

Is the long term gains on sale of land taxable? There is no further reinvestment in another agricultural land.

Thanking you.

Mohit Naithani

Mohit Naithani (Expert)
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08 February 2013 Capital Gain is not applicable on sale of Rural Agriculture Land,
Your Land is under a term of Rural Agriculture land, hence any capital gain arrise on sale of such land is EXEMPT....

CA Kishore Tallam

CA Kishore Tallam (Expert)
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08 February 2013 Refer section 2(14)(iii) of IT Act where in it states that agricultural land is not a capital asset if certain conditions are satisfied. Hence, gain on sale of agri land is not taxable.

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