Dear Sir,
A farmer has agriculture land. Now he converted his Agri land in plots for selling continue.
I want to know about tax treatment.
pls guide me.
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Sale of agriculture land
Replies (2)
Quick Summary
Hi Sir,
We need to be aware of following point,
-What is Agriculture Land?
The land on which any agricultural activities are carried out like cultivation, harvesting , planting etc.
-In this case, as mentioned the agri land is converted to plots,
So, as on plot no agricultural activities is carried out. Therefore it is considered as a non- agricultural land i.e, it qualifies as a capital asset and capital gain tax would be levied on such sale.
We need to be aware of following point,
-What is Agriculture Land?
The land on which any agricultural activities are carried out like cultivation, harvesting , planting etc.
-In this case, as mentioned the agri land is converted to plots,
So, as on plot no agricultural activities is carried out. Therefore it is considered as a non- agricultural land i.e, it qualifies as a capital asset and capital gain tax would be levied on such sale.
Sir as per sale deed (registry) land mentioned as agriculture. how to calculate agricultural land for income tax purpose.
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