Rural agriculture income

208 views
User Avatar

1 Points Posted on 15 January 2021
how we take profit on sale of rural agriculture land in itr 3
0 Reply Share Follow
On 15 January 2021 at 00:05 Report
Replies (3)
Quick Summary
Profits from the sale of rural agricultural land in India are generally not subject to capital gains tax. This is because such land is not classified as a capital asset under the Income Tax Act. To qualify for this exemption, the land must meet specific criteria, particularly regarding its distance from municipal areas, to be considered 'rural'.

User Avatar

Chartered Accountant
24588 Points Posted on 15 January 2021
Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains. F
1 Reply
On 15 January 2021 at 09:34
User Avatar

17269 Points Posted on 15 January 2021
Any capital gain on Rural agri land is not taxable. check criterias of distance from municipal area and decide status of agri land as Rural Agri land.
1 Reply
On 15 January 2021 at 15:03
User Avatar

Accountant
4533 Points Posted on 15 January 2021
Rural agricultural land is excluded from the definition of capital asset, so there will be no capital gain on sale of rural agricultural land
Reply
On 15 January 2021 at 22:09

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST IDS Refund – Statement 01A: Invoice Not
  2. TDS deposit code & TDS return
  3. AIS VS GST Mismatch- FY 2025-26
  4. Gross total income
  5. Export Compliance
  6. Sale of plots in open land
  7. Income tax query
  8. Best CA Inter coaching in laxmi nagar
  9. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  10. Unregistered Association of Persons (AOP) Agreemen

More recent discussions | Post

Related Topics :

Loading