Sir/Madam,
How to calculate tax on sale of agriculture land in rural area
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 14 June 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.
Sivaramaraju G
(Learner)
(2398 Points)
Replied 14 June 2021
As it is not a capital asset, you no need to calculate gain as per IT Act. and there will be no tax on gain on sale of rural agri land in India.
Manikanta juluri
(Student)
(252 Points)
Replied 14 June 2021
Agriculture land is not capital asset as per section 2(14) hence no capital gain tax on sale of agriculture land
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