Whether section 50c is applicable to agriculture land also
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2015
Dear sir
we have purchase agriculture land at Rs 10Lacs and according to govt valuation land value is Rs 50 Lacs kindly advice
we have purchase agriculture land at Rs 10Lacs and according to govt valuation land value is Rs 50 Lacs kindly advice
09 June 2015
As per Income Tax act the agricultural land situated in rural area is not a capital asset thus question of capital gain don't arise
09 June 2015
sec 50C is not applicable in this case.
09 June 2015
Kindly verify whether it is rural agriculture land or whether it is urban agriculture land. You'll have to check if it constitutes other income u/s 56.
27 September 2015
Yes. Section 50C is applicable to urban Agriculture land.
Regards,
CA Mehul Rasesh Shah
mehul@raseshca.com
Regards,
CA Mehul Rasesh Shah
mehul@raseshca.com
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