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
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
09 June 2015
sec 50C is not applicable in this case.
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.
MEHUL SHAH
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- Under marginal scheme
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- TDS on Fixed Assets purchased
- Oct 2025 Invoices
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
