According to the world bank collection of development indicators India has 60.43% of agricultural land out of total land area. People who are taking their first step to buy their own piece of agricultural land should know who can buy agricultural land in India. It is important for you to check whether you are eligible to buy agricultural land in India or not.Who can purchase agricultural land in India?
Under Foreign Exchange Management Act, No NRI or OCI citizen can purchase agricultural land or farmhouses in India.
In some states like Tamil Nadu, Telangana, Uttar Pradesh anyone can buy agricultural land and in other states like Bihar, Maharashtra only an agriculturist can buy agricultural land.
Please note that any gain on agricultural land in India is not considered as capital gain, hence there is no tax applicable on agricultural land.
According to the land ceiling act a person will hold the maximum area limit of the land. A person who has crossed the land ceiling limit can not buy more agricultural land in India
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Who can buy agricultural land in India?
Rohit
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May 20, 2021
2021-05-20T21:36:40+00:00 2021-05-20T21:43:38+00:00Comment
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