capitalgain
Prakash Rao (226 Points)
03 December 2017
sale of Agricultural land treatment in individual and company
2 Replies
Sunil Ahmad
(Student)
(1511 Points)
Replied 03 December 2017
Agricultural land which are not situated in specified areas are not Capital assets and sale of such land does not give rise to capital gains.furthur put to use for agriculture purpose only but not non agriculture purpose.
Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 13 December 2017
As per the provisions of the Income-tax Act, the agricultural land has been classified into two types:
- Rural Agricultural Land;
- Urban Agricultural Land.
Rural Agricultural Land has been clearly distinguished from Urban Ag. Land and is not treated as Capital Asset under section 2(14)(iii) of the Act.
On the other hand, for Urban Agricultural Land, normal capital gain provisions are applicable and no such distinction has been made for the capital gain taxability in case of Individuals or Companies
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