co-presented by
ASSOCIATE SPONSORS
co-presented by
ASSOCIATE SPONSORS
Income from sale of agricultural land, especially those situated in rural areas in India, is not considered a capital asset. Therefore any gains from its sale are not taxable under the head Capital Gains, irrespective of whether the sale was in cash or by account transfer.
Considering the demand of farmers, instead of agricultural lands, only 1,630 acres of barren lands owned by private companies will be acquired for setting up the industrial parks, the government said.
The Jammu and Kashmir government will bring a legislation to control coversion of agriculture land into other activities in the coming budget session of the state assembly.
