Taxability of gift of agricultural land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2013
Is rural agricultural land received as gift comes under taxable income??
whats the difference between rural agricultural land and urban agricultural land??
thnx.....in advance......
Is rural agricultural land received as gift comes under taxable income??
whats the difference between rural agricultural land and urban agricultural land??
thnx.....in advance......
19 December 2013
It depends who has given the gift. If the gift is given by your blood relation then it is exempted but if it is given by others then yes it is taxable.
The difference between rural and urban agricultural land is that urban agricultural as and when sold will attract capital gains tax and rural land is situated beyond the Municipal limits and does not come under the definition of Capital assets is exempted.
The difference between rural and urban agricultural land is that urban agricultural as and when sold will attract capital gains tax and rural land is situated beyond the Municipal limits and does not come under the definition of Capital assets is exempted.
30 December 2013
Agreed with above reply.
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