Agriculture land sold to agricultural industry, Will it get capital gain tax or Income tax? https://www.taxtmi.com/forum/issue?id=110816 Tax characterization of proceeds from sale of farmland depends on whether the land is excluded from the capital asset definition: agricultural land is exempt from capital asset treatment unless situated within specified municipal jurisdictions or within prescribed aerial distances from municipal limits tied to population bands; if the land falls within those limits it is not treated as exempt agricultural land for capital gains purposes. en-us Sun, 21 Aug 2016 09:35:03 +0530 Thu, 23 Jan 2025 15:56:13 +0530 TaxTMI RSS Generator Agriculture land sold to agricultural industry, Will it get capital gain tax or Income tax? https://www.taxtmi.com/forum/issue?id=110816 Tax characterization of proceeds from sale of farmland depends on whether the land is excluded from the capital asset definition: agricultural land is exempt from capital asset treatment unless situated within specified municipal jurisdictions or within prescribed aerial distances from municipal limits tied to population bands; if the land falls within those limits it is not treated as exempt agricultural land for capital gains purposes. Discussion-Forum Income Tax Sun, 21 Aug 2016 09:35:03 +0530 https://www.taxtmi.com/forum/issue?id=110816