Hi all,
Am i right to say that sale of agricultural land is agricultural income? as it is mentioned in the act that any rent or revenue derived from land situated in india and used for agricultural purposes is agricultural income.
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Sale of agricultural land
Replies (1)
It depends..
If it is urban agriculture land then it is not agricultural income but it will capital gain since it is capital asset.
If it is rural agriculture land then you may consider it as agriculture income since it is not considered as capital asset.
If it is urban agriculture land then it is not agricultural income but it will capital gain since it is capital asset.
If it is rural agriculture land then you may consider it as agriculture income since it is not considered as capital asset.
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