Transfer of Agriculture land is depend upon two things: - 01. is it situated at rural area or urban area. 02. time period for which it was hold by the person .
If the land is situated at rural area then it is exempt under income tax act or if it is situated at urban area then holding period becomes very imp. becuase if it is hold for more than 3 years then it would be taxed @20% and exemption will be available on da amt. of Capital Gain if it is invested one year back or within 3 year from da date of transfer in Agriculture land or securities specified u/s 54EC.
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