Gift of Agri Land
This query is : Resolved
08 April 2023
Hello,
I have received a agriculture land situated in Rural area of Solapur from my father as a Gift for farming.
Currently I'm working at private Corporate in Pune.
My question is this transfer of rural agriculture land taxable in my hand ?
I have received a agriculture land situated in Rural area of Solapur from my father as a Gift for farming.
Currently I'm working at private Corporate in Pune.
My question is this transfer of rural agriculture land taxable in my hand ?
08 April 2023
The transfer of rural agricultural land from your father to you as a gift is not taxable in your hand, as per the provisions of the Income Tax Act, 1961. However, if you sell the land later, then you may be liable to pay capital gains tax, depending on the nature and duration of your ownership of the land.
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08 April 2023
Big help for me, thanks!
08 April 2023
You are welcome.
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