Re: capital gains on sale of agricultural land
This query is : Resolved
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.
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.
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....
Your Land is under a term of Rural Agriculture land, hence any capital gain arrise on sale of such land is EXEMPT....
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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