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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
