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Tax on agriculture land
Dear Sir
My uncle sold an agriculture Land to a private Ltd co. and this land is situated 25 kms fare from vadodara . Does Any Income Tax or Capital Gain Tax applicability levies on it.
Please guide me.
Thanks
Replies (4)
Check whether its rural or urban land, and decide.
If its rural agricultural land than no tax as it is not a capital asset
Sir
It is Rural Area ( Which 25 Km fare from Vadodara City)
Check as per income tax criiteria as follows:
Definition of Rural Area – from AY 2014-15 – Any area which is outside the jurisdiction of a municipality or cantonment board having a population of 10,000 or more is considered Rural Area, if it does not fall within distance(to be measured aerially) given below – (population is as per the last census)
| 2kms from local limit of municipality or cantonment board | If the population of the municipality/cantonment board is more than 10,000 but not more than 1lakh |
| 6kms from local limit of municipality or cantonment board | If the population of the municipality/cantonment board is more than 1lakh but not more than 10 lakh |
| 8kms from local limit of municipality or cantonment board | If the population of the municipality/cantonment board is more than 10lakh |
If its rural agricultural land as per above criteria, then the gain is totally tax-free.
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