Is sale of agricultural land taxable under income tax?
This query is : Resolved
27 June 2018
We sold an agricultural land 4 years ago and built a house. Is it taxable under the income tax, anywhere under section? Does 54B section apply to me?
27 June 2018
If the land is Rural Agricultural land, then it's not a capital asset u/s 2(14), Hence not taxable. If it's an urban land then taxable, Sec 54B not applicable to you as you have purchased house, not another agricultural land.
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