Sale of agricultural land
This query is : Resolved
15 November 2011
what are the provisions of income tax on sale of agricultural land ? is it taxable or not and under which head ?
15 November 2011
Taxability is depends on location of the land.
1-for rural agriculture land (nothing is taxable in case of sale as it is not an asset u/s 2(14)
2-Sale of urban agricultural is taxable under the head capital gains.
1-for rural agriculture land (nothing is taxable in case of sale as it is not an asset u/s 2(14)
2-Sale of urban agricultural is taxable under the head capital gains.
15 November 2011
thanks !! but if urban land then at what rate ? what about short term or long term. is there any clause for if another agricultural land is purchases ?
15 November 2011
thanks !! but if urban land then at what rate ? what about short term or long term. is there any clause for if another agricultural land is purchases ?
15 November 2011
for long term-20%
for short term-normal rate as applicable to other income.
for short term-normal rate as applicable to other income.
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