I have sold my agriculture land for rs 9600000 in 2014-15.
I got that amount in cash and the same was deposited in bank in few fractions.
I got the notice regarding this.
is the income from sale of agriculture land is expempt??
can anyone explain it.
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Taxibility on sale of agriculture land
Replies (7)
Not taxable.
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.
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
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
Did the department get details of the buyer of the land? how did they come to know that you have sold land
Cash transactions are not allowed . What is the source to issue notices ?
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