K . Anand . (Manager) 23 June 2014
What are the exact norms for Agricultural Land ?
Is Nagar Panchayat considered as urban area as per Income/wealth Tax?Is the agriculture land in the area of a Nagar panchayat exhempt and not assed for wealth tax ?Are there any specific Cases to refer or sections and amendments for seeking exhemption of agriculture land in Wealth Tax?
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 23 June 2014
Since agriculture is a subject reserved for the states under the Indian Constitution, agricultural income cannot be taxed by the central government but only by the state governments. Agricultural income is, therefore, exempt under income-tax laws. Profit on the sale of agricultural land is also exempt from capital gains under income-tax laws. However, not all gains on sale of agricultural land is exempt and, therefore, one needs to understand the extent of the exemption.
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