Short term Capital Gain on agriculture land
598_Mihir Shah (12 Points)
13 October 2021
is short term capital Gain on agriculture land sale is taxable or some exemption is there
6 Replies
ajeet singh
(1392 Points)
Replied 13 October 2021
If it is within muncipale limit its taxable either non taxable ,
sabyasachi mukherjee
(27819 Points)
Replied 14 October 2021
SALE OF AGŔICULTURAL LAND IS SUBJÈCT TO THE FOLLOWING :
1.ANY CAPITAL GAIN BOTH SHORT TRM AND LONG TERM ARISING TO AN INDÌVIDUAL OR HUF FROM TRANSFER OF ANY LAND WHICH WAS USED BY THE ASSESE OR HIS PARENT FOR AGRICULTURAL PURPOSE IMMEDIATELY PRECEDDING TWO YEARS SHALL BE EXEMPT FROM TAX IF THE ASSESSE PURCHASES WITHIN TWO YEARS FROM THE DATE OF SUCH TRANSFER a
NY other land.
1.ANY CAPITAL GAIN BOTH SHORT TRM AND LONG TERM ARISING TO AN INDÌVIDUAL OR HUF FROM TRANSFER OF ANY LAND WHICH WAS USED BY THE ASSESE OR HIS PARENT FOR AGRICULTURAL PURPOSE IMMEDIATELY PRECEDDING TWO YEARS SHALL BE EXEMPT FROM TAX IF THE ASSESSE PURCHASES WITHIN TWO YEARS FROM THE DATE OF SUCH TRANSFER a
NY other land.
598_Mihir Shah
(12 Points)
Replied 14 October 2021
2 years has not completed of purchase of agriculture land then ?
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 14 October 2021
All the rural agriculture lands are outside the preview of capital assets as per section 2 (14) IT act
hence if your land is situationed in urban area . than it is taxable.
in my view all the land situtaion in NCR is urban agriculature land.
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