Agricultural income
This query is : Resolved
19 December 2018
A person purchased agricultural land in June 2017 for 10 lakhs and sold immediately to a company for 80 lakhs in October 2017. He calculated capital gains and the same exempted as capital gains on agricultural land was exempt. was it really exempt ??. My query is there is no agricultural activity produced that person how can he claim exemption.
19 December 2018
in absence of agricultural activity, you need to tread very cautiously. read this article and make your opinion based on facts of the case and different case laws mentioned therein - https://taxguru.in/income-tax/capital-gains-income-sale-agricultural-land.html?amp
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