I want to sell agriculture land which is situated between vadodara and Padra. From padra it was just near 2 km. It was used as agricultural purpose since last two years. i want to know whether my income on sale of land is taxable or not. if taxable then how can I get benefit in income tax. Please reply with circulars or notification.
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Regarding Agricultural Land
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u can post it for experts....they can answer better
IT IS 100% TAXABLE BECUASE AGRICULTURE LAND MEANS A LAND WHICH IS SITUTED 8 KM AWAY FROM THE CITY OF 2ND CONDITION IF THE CITY POPULATION BELOW 10000 ..THEN IT WILL BE TAX FREE..BUT IN UR CASE UR AGRICULTURAL LAND IS SITUATED IN URBAN AREA ..THEN IT WILL BE TAXABLE...BUT IF U R SALE THE LAND AND WITH IN 2 YEAR IF U WILL PURCHASE A NEW AGRICULTURAL LAND ..THEN IT WILL BE TAX FREE.....
IT IS 100% TAXABLE BECUASE As per section 2(1A) of the IT Act, AGRICULTURE LAND MEANS A LAND WHICH IS SITUTED 8 KM AWAY FROM THE CITY OF 2ND CONDITION IF THE CITY POPULATION BELOW 10000 ..THEN IT WILL BE TAX FREE..BUT IN UR CASE UR AGRICULTURAL LAND IS SITUATED IN URBAN AREA ..THEN IT WILL BE TAXABLE...BUT As per Section 54B, IF U SOLD THAT LAND AND WITH IN 2 YEAR IF U WILL PURCHASE A NEW AGRICULTURAL LAND FROM SUCH WHOLE AMOUNT...THEN IT WILL BE TAX FREE.....
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