is sale of agricultural land is tax free
is the section 10(37) is for both rural /urban agricultural land
is sale process from rural agriculture land is fully tax free and doesn't need to fulfill the criteria of secton 10(37)
please clear
Greetings!
Agricultural land 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. Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural lands are exempt from tax.
please provide detailed information about the situation to grant further descripttive answers.
Regards,
Kawmini Liyanage.
