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Sale of agreiculture land in rural area

Tax queries 199 views 3 replies
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216 Points Posted on 14 June 2021

Sir/Madam,

 

How to calculate tax on sale of agriculture land in rural area 

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On 14 June 2021 at 13:53 Report
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Chartered Accountant
24588 Points Posted on 14 June 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.
129 Reply
On 14 June 2021 at 14:28
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Learner
2398 Points Posted on 14 June 2021
As it is not a capital asset, you no need to calculate gain as per IT Act. and there will be no tax on gain on sale of rural agri land in India.
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On 14 June 2021 at 18:37
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Student
252 Points Posted on 14 June 2021
Agriculture land is not capital asset as per section 2(14) hence no capital gain tax on sale of agriculture land
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On 14 June 2021 at 21:10


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