Agriculture land

Hi All,

When Sale of Agriculture Land will be exempted from Income Tax?

Can this benefit be taken by Agreement arrangement (for geeting benefit from levy of Stamp Duty), or Sale Deed Registration is compulsary in this case?

Regards,

CA Raipur

Can any one please comment / answer the following query:

"As I understand NRI can not buy agriculture land in India.

When an NRI (who stayed long time ouside) permanently returns to India for emploment in India, he/she is treated as a NRI or Resident but Not Ordinary Resident (RNOR) for 2 more years. Is this correct? Can the NRI or RNOR buy agriculture land in those 2 years? If yes, how early after the return he/she can buy the agriculture land?

Just a related question: Is the agriculture land comes under income tax and wealth tax?"