Tax on selling agriculture land

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3 Points Joined January 2022
sir, i am selling my patrimony agriculture land. its govt rate is 20 lac/acre. but i sell at 57 lac/acre.
Is this taxable or not?

if yes then what tax i have to pay?
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On 29 January 2022 at 17:42 Report
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Chief Accountant
3150 Points Joined July 2020
It's rural agriculture land or urban ?
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On 29 January 2022 at 17:49
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3 Points Joined January 2022

Rural area agricultural land.

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On 29 January 2022 at 17:50
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Chief Accountant
3150 Points Joined July 2020
Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable
It's exempt
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On 29 January 2022 at 17:53
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28118 Points Joined May 2017
Rural has different implications .
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On 29 January 2022 at 17:54
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Chief Accountant
3150 Points Joined July 2020
Sale of Rural agriculture land is exempt from tax
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On 29 January 2022 at 17:56
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28118 Points Joined May 2017
It is not a capital asset. So no capital gain on transfer of capital asset.
So it is exempted.
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On 30 January 2022 at 07:11


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