Tax on sale of ancesstral agriculture land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2013
Is there any type of Tax on Sale of Ancestral Agricultural Land in Rural Area
What according to Income Tax is a Rural Area Definition as far as sale of Agricultural land is concerned ???
Thank you very much in Advance
What according to Income Tax is a Rural Area Definition as far as sale of Agricultural land is concerned ???
Thank you very much in Advance
CA PARAS BAFNA
(Expert)
25 June 2013
For an Area to be a Rural Area -
Required conditions in simple terms-
1. The area should be outside the municipal limits of the town or city, AND
2. Population of that Town or city is not less than 10000 as per the latest census records, AND
.
3. The Area should be more than 8 Kms away from the City.
.
(The Area should not be within the area notified for urbanisation. An area which is more than 8 Kms away from the local limit of the city , is not generally notified for urbanisation.)
.
There is no taxation on sale of Rural Agriculture Land.
.
.
Required conditions in simple terms-
1. The area should be outside the municipal limits of the town or city, AND
2. Population of that Town or city is not less than 10000 as per the latest census records, AND
.
3. The Area should be more than 8 Kms away from the City.
.
(The Area should not be within the area notified for urbanisation. An area which is more than 8 Kms away from the local limit of the city , is not generally notified for urbanisation.)
.
There is no taxation on sale of Rural Agriculture Land.
.
.
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