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capitalgain
sale of Agricultural land treatment in individual and company
Replies (2)
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.
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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