Profit on sale of agricultural land
Prakash Rao (226 Points)
09 December 2019
Pl let me know treatment of sale of agricultural land to avoid income tax
5 Replies
BE YOURSELF BELIVE YOURSELF
(31 Points)
Replied 09 December 2019
What is the type of agriculture land. whether rural or urban??
Kapadia Pravin
(17264 Points)
Replied 10 December 2019
No tax on sale of Rural Agri Land.
Taxable as capital gain if non-rural (urban)
Taxable as capital gain if non-rural (urban)
Rajan Kumar
(55 Points)
Replied 10 December 2019
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.
sanjith kotni
(Articled assistant)
(663 Points)
Replied 12 December 2019
If it is long term capital asset (Urban Agri land),you can claim 54F exemption
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