U/s-10(i) Any rent & revenue derived from land which is used for Agricultural purpose is Exemption . But sale & purchase of Agricultural lands in which head of income is taxable.
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Agricultural income
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Transaction of Sale and Purchase of Agriculture Lands are shown under the head Capital Gains, generally. If the Agriculture land sold is a Rural land then, there will be neither Capital Gain nor any taxable profit.
If a person sells his urban agriculture land which has been used by him or any of his parents for agriculture purposes (within 2 years from sell), and if he invests resulting gains in purchasing an agriculture land within 2 years, he is entitled to get exemption U/s 54B.
| Originally posted by : Kamal Kothari | ||
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Transaction of Sale and Purchase of Agriculture Lands are shown under the head Capital Gains, generally. If the Agriculture land sold is a Rural land then, there will be neither Capital Gain nor any taxable profit. If a person sells his urban agriculture land which has been used by him or any of his parents for agriculture purposes (within 2 years from sell), and if he invests resulting gains in purchasing an agriculture land within 2 years, he is entitled to get exemption U/s 54B. |
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Agreed.
agree with kamal sir.
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