capital gain

[Guest]

namaskar,

an agrivultural land is sold by dividing it into three parts and as a result three registered deeds were made..is this liable to capital gain.?

AI Summary

Selling Divided Agricultural Land: Exempt from Capital Gains Tax if Classified Under Section 2(14)(iii) of Income Tax Act An individual inquired about the tax implications of selling agricultural land divided into three parts, resulting in three registered deeds. The first respondent clarified that if the land qualifies as agricultural under section 2(14)(iii) of the Income Tax Act, 1961, and remains so post-division, it is not considered a capital asset, thus exempt from capital gains tax. The second respondent asked for the land's location, noting that if it is rural agricultural land, no capital gains tax would apply.