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Whether section 50c is applicable to agriculture land also

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Querist : Anonymous

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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
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JUGAL PATEL

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JUGAL PATEL (Expert)
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
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
09 June 2015 sec 50C is not applicable in this case.
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Kaushik Joshi

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Kaushik Joshi (Expert)
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.
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MEHUL SHAH

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MEHUL SHAH (Expert)
27 September 2015 Yes. Section 50C is applicable to urban Agriculture land.

Regards,
CA Mehul Rasesh Shah
mehul@raseshca.com
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