This discussion concerns the taxability of selling agricultural land purchased in 2018 and sold in 2019. The land was divided and sold to multiple buyers in small plots within a rural area. The consensus is that short-term capital gains tax applies to this sale. Further clarification is sought regarding the specific tax rates and any available exemptions for these gains.
01 July 2020
Assessee purchased agricultural land of 1 acre in 2018 and sold in 2019 for 40 purchasers in small guntas agri land is in rural area. Explain the taxability of income on sale of agricultutal land