The capital gains arising from the sale of agricultural land situated in a rural area are not subject to capital gains tax. While agricultural land situated in urban areas are subject to capital gain tax.
If the land was held for more than 2 years, it is subject to long term capital gain of 20%. Whereas if it is held for less than 2 years, it is subject to short term capital gains as per the normal tax slab rates.
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Is agricultural land liable for capital gain tax?
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2023-09-27T08:41:38+00:00 2023-09-29T17:25:24+00:00Comment
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