All types of lands in rural area considered as agricultural land. I have 1.10 Acre of dry land in rural area which I am going to sell . Is it considered as agricultural land. The land is likely to sell for Rs 30 lakhs. In such case what are my tax liabilities
Dear Krishnan
If it is in rural area,it is not taxable
Note
As per Income tax,definition of rural area is different
Let me know what is distance of place from nearby city
+
Any Nearby Area within specified km as mentioned below
|
Population of Municipal Area having population |
No of Km from area |
|
10000-100000 |
2 km from such area |
|
100,000-10,00,000 |
6 km from such area |
|
>1000000 |
8 km from such area |
Note:-Area is to be measured aerially i.e. shortest possible distance to be taken