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Rural agriculture income

Ekant Singh Bundela (1 Points)

15 January 2021

how we take profit on sale of rural agriculture land in itr 3

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 15 January 2021

Agricultural land in Rural Area in India is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains. F

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Kapadia Pravin (17254 Points)
Replied 15 January 2021

Any capital gain on Rural agri land is not taxable. check criterias of distance from municipal area and decide status of agri land as Rural Agri land.

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Krishna Chaudhary (Accountant) (4531 Points)
Replied 15 January 2021

Rural agricultural land is excluded from the definition of capital asset, so there will be no capital gain on sale of rural agricultural land

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