Sale of agricultutal land taxation


This query is : Resolved 

Quick Summary
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.

(Querist)
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

c.bakshi (Expert)
02 July 2020 SHORT TERM CAPITAL GAIN IS APPLICABLE

swetha (Querist)
02 July 2020 Sir could u explain the rate of tax and exemption that can b claimed for shortterm capital gain


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