Hi,
1. Is sale of agriculture land is considered as capital gains.
If yes, do we need to pay tax on the same
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Tax on sale of Agriculture Land
Replies (5)
There is no capital gain on sale of RURAL agricultural land.
There is capital gain on sale of URBAN agricultural land.
There is capital gain on sale of URBAN agricultural land.
Can you please mention section for the same
Akhilesh , rural agriculture land is not a capital asset , if any asset is not a capital asset when it sold the gain will not be considered as capital gain .
for section you just read capital asset definition in income tax.
for section you just read capital asset definition in income tax.
Refer Capital Assets defination given in Section 2(14) of Income tax Act, 1961..
if assets is not capital asset, than there is no Capital Gain/Loss on sell of same..
if assets is not capital asset, than there is no Capital Gain/Loss on sell of same..
Agricultural land is not a capital assets hence no question arise of capital gain
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