I have an agriculture land in Southern Tamil Nadu which I am considering selling. The total extent of the land is 20 acres. This property meets all conditions of a proper agriculture land, it is located in a remote location away from towns and municipalities. This land is used purely for agriculture purposes only. I have Amla (Gooseberry) and Teak trees, and I am also cultivating blackgram covering 50% of the land area of the 20 acres. The query I have is
In case I decide to sell this land, will I be exempt from capital gains as I have teak and Amla trees besides blackgram cultivation. Would teak and Amla trees be considered as commercial crops and would capital gains exemption be applicable?
Given that I am carrying out cultivation only in 30% of the land and if I sell the agri land would the entire land be exempt from capital gains or only 30% of the land
Advice from experts on this forum will be very much appreciated
regards
P S Krishnan
1 Answers
Dear Krishnan,
I have already replied to your question ..kindly visit this link...
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