Sale of agricultural income
This query is : Resolved
28 February 2020
Hello team,
Am i right to say that sale of agricultural land is agricultural income? as it is mentioned in the act that any rent or revenue derived from land situated in india and used for agricultural purposes is agricultural income.
Am i right to say that sale of agricultural land is agricultural income? as it is mentioned in the act that any rent or revenue derived from land situated in india and used for agricultural purposes is agricultural income.
28 February 2020
Expemption u/s 54B is allowed on sale of agricultural land u/d Capital Gains subject to following conditions.
1. Land must be used for agricultural purpose by individual or parents or HUF for 2 years immediately before the date of transfer.
2. New agricultural land has been purchased within 2 years from the date of transfer and should not be sold within a period of 3years from the date of its purchase.
1. Land must be used for agricultural purpose by individual or parents or HUF for 2 years immediately before the date of transfer.
2. New agricultural land has been purchased within 2 years from the date of transfer and should not be sold within a period of 3years from the date of its purchase.
28 February 2020
An agricultural land in rural India does not form part of the definition of a capital asset and hence, there will be no capital gains on the sale of such land. Also check the definition of Agricultural Income Under Sec. 2(1A) of the Income tax Act where it is mentioned. You may get a clear view on reading that section.
28 February 2020
Thank you...
Its clear
Its clear
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
