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rural agriculture land

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(Querist)
24 September 2010 Is it necessary that for exemption of capital gain on sale of rural agricluture land, agricultural activity needs to be carried out on rural agricultural land. As per government record it says agriculture- barren land land 30 kms from muncipal corporation population more than 10000=00
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 September 2010 Yes agricultural activity is mandatory as per section 54B(1) of the Income tax Act,1961. The government record,in the given case,will adversly affect the case.
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