U/s-10(i) Any rent & revenue derived from land which is used for Agricultural purpose is Exemption . But sale & purchase of Agricultural lands in which head of income is taxable.
susanta kumar jena (CA Final/ICWA Final) (50 Points)
16 April 2011U/s-10(i) Any rent & revenue derived from land which is used for Agricultural purpose is Exemption . But sale & purchase of Agricultural lands in which head of income is taxable.
Kamal Kothari
(CWA)
(169 Points)
Replied 16 April 2011
Transaction of Sale and Purchase of Agriculture Lands are shown under the head Capital Gains, generally. If the Agriculture land sold is a Rural land then, there will be neither Capital Gain nor any taxable profit.
If a person sells his urban agriculture land which has been used by him or any of his parents for agriculture purposes (within 2 years from sell), and if he invests resulting gains in purchasing an agriculture land within 2 years, he is entitled to get exemption U/s 54B.
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 17 April 2011
| Originally posted by : Kamal Kothari | ||
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Transaction of Sale and Purchase of Agriculture Lands are shown under the head Capital Gains, generally. If the Agriculture land sold is a Rural land then, there will be neither Capital Gain nor any taxable profit. If a person sells his urban agriculture land which has been used by him or any of his parents for agriculture purposes (within 2 years from sell), and if he invests resulting gains in purchasing an agriculture land within 2 years, he is entitled to get exemption U/s 54B. |
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Agreed.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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