Sir/Madam,
How to calculate tax on sale of agriculture land in rural area
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Sale of agreiculture land in rural area
Replies (3)
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.
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.
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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