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Agriculture land sale

Jitendra Sahu (10 Points)

28 November 2020

capital gain treatment against sale on agriculture land

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ayusmita (Tax consultant) (5885 Points)
Replied 28 November 2020

As per incometax act section 2 sub section 14 the terms capital asset is not included in agriculture land in india

Vidit Seth (Practicing CA) (76 Points)
Replied 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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