Rural agriculture income

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21 Points Posted on 15 January 2021
how we take profit on sale of rural agriculture land in itr 3
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On 15 January 2021 at 00:05 Report
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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'.

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Chartered Accountant
16188 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
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On 15 January 2021 at 09:34
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10683 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.
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On 15 January 2021 at 15:03
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Accountant
1331 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
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On 15 January 2021 at 22:09

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