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Profit on sale of agricultural land
Pl let me know treatment of sale of agricultural land to avoid income tax
Replies (5)
What is the type of agriculture land. whether rural or urban??
Rural /urban Pl let me know the treatment
No tax on sale of Rural Agri Land.
Taxable as capital gain if non-rural (urban)
Taxable as capital gain if non-rural (urban)
Urban,
- where population of the local authority (LA) or cantonment board is more than10 lacs in such case urban land is considered within the limit of 8km from LA.
- Where population of LA 1,00,001 to 10,00,000 than urban land consider within 6 km from LA.
- Where population is less than 1,00,000 than urban land is considered within 2 km from LA.
- where population of the local authority (LA) or cantonment board is more than10 lacs in such case urban land is considered within the limit of 8km from LA.
- Where population of LA 1,00,001 to 10,00,000 than urban land consider within 6 km from LA.
- Where population is less than 1,00,000 than urban land is considered within 2 km from LA.
If it is long term capital asset (Urban Agri land),you can claim 54F exemption
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