Agriculture land in rural area

This query is : Resolved

ajithkumar p.c (Querist)
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31 August 2012 Dear sir,

Real estate business(only buying and selling land with out any development) in rural area which is not situated with in 8km of notified area or municipal limit, is liable for business income or capital gain?

If the intention is not business, but to take advantage of increasing prices of rural land, then how it can be taxed.

If agricultural land have a house, then its sale is taxable.

Please resolve this query

Ajithkumar
9387413414

Prakash Kochar

Prakash Kochar (Expert)
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01 September 2012 frequently dealing in lands even agri. land out of notified area, transaction will treated as adventure in trade, income liable for tax. Depends on facts of each case.
09850350854