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Income tax
Sale of agricultural land in rural area is not taxable as it is not capital asset.
But if building is constructed on that land then sale of that building is liable to be taxed as LTCG or STCG.
Replies (2)
Friends,
Any responses.
Regards,
Dear Dipjyoti
on the basis of judicial decision:
For Land: the sale consideration for land is taxable as LTCG an for
For Building: sale consideratin is taxable as STCG (if 36 month not passed after completion of construction) else LTCG.
related case laws:
A. CIT v Lakshmi B. Menon (2003) 264 ITR 7 (Ker.),
NOTE: the onus is on assessee to prove value pertaining to land and building.
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