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Capital Gain On Agri. Land
but be sure if it is an agricultural land. where it is located matters a lot. sometimes people think it is an agricultural land but as per income tax it can fall under urban area.
urban so taxable. post values to have a clear perception.
The capital gains tax on the sale of agricultural land in India is subject to certain exemptions. As of my knowledge cutoff in January 2022, here are some key points related to capital gains tax on the sale of agricultural land:
Exemptions under Section 54B:
Under Section 54B of the Income Tax Act, there are provisions for exemptions on capital gains arising from the transfer of agricultural land. The main conditions for availing this exemption include:
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Utilization of Sale Proceeds: The taxpayer should utilize the sale proceeds to purchase another agricultural land within a specified period.
For further more detailed information on this topic visit: Agriculture Income Tax: Guidelines and Exemptions
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