Taxibility on sale of agriculture land

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

Not taxable.

Vikas Chauhan

206 Points Joined July 2017

What if the amount is not used as per section 54B

Agriculture land situated in Rural area are exempt from Capital Gains tax as it is not considered as Capital Asset. So check whether land is situated in Rural or in urban area and then decide the taxability.

Income Tax Wala: (Fin. Expert)

Chartered Accountants

2015 Points Joined August 2010

IN MY VIEW, NOWADAYS ALL THE AGRICULATURE LAND ARE OUTSIDE RURAL LAND TAG. Because Govt made many measure like air distance, population, municipal committe measure.

So Don't treat any land as exempt land.

if you have not did investments etc as per section 54 B than IT Depatment can levi taxes, penalties

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

To attract capital gain there should be capital asset..Rural agriculture land will not be considered as capital asset for the purposes of capital gains

veerendar singh

tax consultant

3306 Points Joined October 2018

Did the department get details of the buyer of the land? how did they come to know that you have sold land

Eswar Reddy S

CFO- at NHTF

58280 Points Joined August 2012

Cash transactions are not allowed . What is the source to issue notices ?

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Taxibility on sale of agriculture land

Vikas Chauhan

Eswar Reddy S

Vikas Chauhan

Kiran Hathalia

Income Tax Wala: (Fin. Expert)

Eswar Reddy S

veerendar singh

Eswar Reddy S

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