Sale of agriculture land
This query is : Resolved
25 October 2013
one of my friend have sold agriculture land which is in rural area and beyond 8 Km from municipal limits now i want to solution for following questions:
1) whether exempt or taxable
2) if exempt then under which sections
3) if taxable then how i will be save tax on this income
1) whether exempt or taxable
2) if exempt then under which sections
3) if taxable then how i will be save tax on this income
25 October 2013
it seems from the information provided by you, sold asset is not capital assets, hence it is exempt.
Message likes :
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26 October 2013
but umesh sir whether totally exempt per se or it is required to do investment somewhere?
26 October 2013
If it is rural ag land (check relevant docs to ascertain whether it fits into the definition of rural ag land), it is entirely exempted as it not chargeable to tax.
if it does not fits into the definition of rural ag land but ag is done for last 2 years by assessee or by his parents, then purchase the ag land to get exemption of capital gain
if it does not fits into the definition of rural ag land but ag is done for last 2 years by assessee or by his parents, then purchase the ag land to get exemption of capital gain
10 November 2014
Thanks sir
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