Hi all,
Am i right to say that sale of agricultural land is agricultural income? as it is mentioned in the act that any rent or revenue derived from land situated in india and used for agricultural purposes is agricultural income.
1 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 28 February 2020
It depends..
If it is urban agriculture land then it is not agricultural income but it will capital gain since it is capital asset.
If it is rural agriculture land then you may consider it as agriculture income since it is not considered as capital asset.
If it is urban agriculture land then it is not agricultural income but it will capital gain since it is capital asset.
If it is rural agriculture land then you may consider it as agriculture income since it is not considered as capital asset.
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