Sale of agricultural land
This query is : Resolved
28 February 2017
Dear Sir,
An Assesse has sold a agricultural land for Rs. 37.00 Lacs. The land which was used for growing crops i.e. for agricultural purpose which was sold. Whether the sales of this agricultural land will be treated as capital gains or not and whether the money received from sale proceeds will be taxable under the IT Act.
Thanks,
Abhishek.
An Assesse has sold a agricultural land for Rs. 37.00 Lacs. The land which was used for growing crops i.e. for agricultural purpose which was sold. Whether the sales of this agricultural land will be treated as capital gains or not and whether the money received from sale proceeds will be taxable under the IT Act.
Thanks,
Abhishek.
28 February 2017
It will not be taxed provided the land is situated 8 kms away from municipal limits and situated in a village or town having population less than 10000.
28 February 2017
Dear Sir,
The agricultural land as you said is situated in a area which is more than 8 kms away from municipal limit but the population is more than 10000. So whether it is taxable under capital gains.
The agricultural land as you said is situated in a area which is more than 8 kms away from municipal limit but the population is more than 10000. So whether it is taxable under capital gains.
01 March 2017
Yes it is taxable under capital gains.
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02 March 2017
Dear Sir,
Thanks for your reply. One last question to you please answer i.e. you have said It will not be taxed provided the land is situated 8 kms away from municipal limits and situated in a village or town having population less than 10000. Other than this two points whether any other criteria needs to be fulfilled to get exemption from Capital Gains Tax.
Thanks,
Abhishek.
Thanks for your reply. One last question to you please answer i.e. you have said It will not be taxed provided the land is situated 8 kms away from municipal limits and situated in a village or town having population less than 10000. Other than this two points whether any other criteria needs to be fulfilled to get exemption from Capital Gains Tax.
Thanks,
Abhishek.
03 March 2017
The land might have been used for agriculture immediately preceding two years. If the land records of revenue authority shows it is a agricultural land then it is okay.
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