It
srikumar (audit staff) (1203 Points)
16 January 2015srikumar (audit staff) (1203 Points)
16 January 2015
Rohit Gupta
(Audit Executive)
(271 Points)
Replied 16 January 2015
Dear Srikumar,
First you need to fnd out that the Agriculture Land is Rural or Urban. In case the agriculture Land is a Rural agriculture land as per the income tax act then it will not come in the purview of the definition of Capital Asset and no Gain on sale of agriculture land will be chargeable to Tax. However, in case the land is urban agriculture land then you can claim deduction under section 54F of Income Tax Act provided the other conditions in it gets satisfied.
Regards
Rohit Gupta
RHT1203 @ GMAIL.COM
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)