Sale of Agricultural Land Does Not Attract Capital Gain Tax u/s 45 until Official Conversion of Land, Regardless of Purchaser’s Intended Use: ITAT [Read Order]
Considering Judicial Precedents and facts, ITAT rules capital gains tax under Section 45 is not applicable on agricultural land sales until official conversion
By Kavi Priya - On September 9, 2024 3:07 pm - 3 mins read
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the sale of agricultural land is exempt from capital gain tax under Section 45 of the Income Tax Act, 1961 until the land is officially converted for non-agricultural use. This ruling applies regardless of the purchaser’s intended use of the land…
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