Agriculture land sale

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Assistant Manager
10 Points Posted on 28 November 2020
capital gain treatment against sale on agriculture land
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On 28 November 2020 at 14:39 Report
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This discussion clarifies the tax treatment of capital gains from selling agriculture land in India. While agricultural land is generally not considered a capital asset under the Income Tax Act, there are exceptions. Specifically, if your land falls under the definition of 'Urban Agricultural Land' as per Section 2(14)(a) and (b), it may be subject to capital gains tax.

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Tax consultant
5895 Points Posted on 28 November 2020
As per incometax act section 2 sub section 14 the terms capital asset is not included in agriculture land in india
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On 28 November 2020 at 15:19
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Practicing CA
76 Points Posted on 28 November 2020
There is a specific definition of Rural Agriculture Land in section 2(14)(a) and (b) if you are covered under it the land might be Urban Agricultural Land and taxable.
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On 28 November 2020 at 16:28

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