What Is Agricultural Land As Per Income Tax Act
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2 Dbt Agriculture Department
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Agricultural land is not a capital asset under the definition of capital assets as defined in the income tax act.
Dbt agriculture department. The central government cannot levy tax on the agricultural income received. Section 21a of the income tax act defines the term agricultural income. Accordingly the agricultural land described in a and b below being land situated within the specified urban limits would fall within the definition of capital asset and transfer of such land would attract capital gains tax a agricultural land situated in any area within the jurisdiction of a municipality or cantonment board.
As per this section agricultural income generally means. Hence the income tax as capital gain tax on the sale of such rural agricultural land wont be levied irrespective of the amount involved in the transaction no capital gain. The land is situated in india.
Rural agriculture land is not considered as capital asset as per section 214 of the income tax act. A businesman purchases. Therefore any gains from its sale are not taxable under the head capital gains.
It situated in any area. As per the definition the agricultural income means as under 1. Rural agricultural land is not a capital asset.
As per section 101 of the income tax act 1961 agricultural income is exempted from taxation. As per section 21a of the income tax act 1961 unless the context otherwise requires the term agricultural income means. Rural agriculture land means an agriculture land in india.
But what is the exact definition of agricultural land for this purpose. What are the conditions to satisfy to avail this exemption. Agriculture income this income is exempt from income tax under section 101 definition of agricultural income agricultural income is defined under section 21a of the income tax act.
Agricultural land in rural area in india is not considered a capital asset. A any rent or revenue derived from land which is situated in india and is used for agricultural purposes. The land is used for agricultural purpose.
The revenue earned in the form of rent or lease generated from the land if a. As per the income tax act the rural agricultural land has been exclusively excluded from the definition of capital asset. Rent or revenue derived from land income from agriculture operations.
It means sale of agricutural land is not liable to capital gain tax.
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