Sale Of Agricultural Land Is Agricultural Income. Web if the land does not qualify as agricultural land, the capital gains thereon shall be taxable. During the current financial year, i have sold trees from my land which is situated beyond municipal limits.
Sale of Agricultural Land Tax Provision - image credit : thetaxtalk.com
Web section 2 (1a) of the income tax act defines agricultural income as rent/revenue from land, income derived from this land through agriculture and income. Web gains arising from the sale of agricultural land would be in nature of agricultural income. Web only the agricultural income generated from agricultural lands is exempted from taxes under this law.
Sale of Agricultural Land Tax Provision
Raju has not purchased any agricultural land till 24th august, 2022, hence, the exemption of. Web agricultural land may cease to be agricultural because it was lying fallow for some years and the land in the neighborhood was under development as non. Web in such a case, the sale of agricultural land is taxable under the head business income. Agricultural land situated in any rural area in india is not considered.
