Sale of agriculture land within two years
This query is : Resolved
05 May 2015
Dear Sir/Madam,
I purchased agriculture land on March 2011 and that land is located away from 8 KM of notified area.
I sold that said on May 2012. In his circumstances I liable to pay the Short Term Capital Gain?
New agriculture land transferred within 2 year is liable to pay the Short Term Capital Gain?
With regards,
M.RAJKUMAR
I purchased agriculture land on March 2011 and that land is located away from 8 KM of notified area.
I sold that said on May 2012. In his circumstances I liable to pay the Short Term Capital Gain?
New agriculture land transferred within 2 year is liable to pay the Short Term Capital Gain?
With regards,
M.RAJKUMAR
05 May 2015
Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains.
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