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agriculture land sale transaction is taxable?
my father had sold the agricultural land which is given by my grandfather and continued it is a purely agricultural land from many years.it sold and the consideration amount invested also in agricultural land so whether it is regarded as a transfer? and liable to capital gains?
Replies (2)
A land which is used for agricultural purposes and located in an area other than areas specified as Urban Land is known as rural agricultural land.
Specified area means:
1) Land in any area which is within the jurisdiction of a municipality or cantonment board and have a population upto 10,000.
OR
2) Land in any area within such distance, measured aerially, in relation to the range of population:
| Upto 2 km | >10,000 and upto 1,00,000 |
| Upto 6 km | >1,00,000 and upto 10,00,000 |
| Upto 8 km | >10,00,000 |
If the land is in out of the said boundries it is Rural agricultural land........... no capital gains over its sell or transfer..
thank you sir
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