Sec. 56(2)(x) Gift Query

Gift of immovable property covers land, building or both in the nature of capital asset. It does not include rural agricultural land since it is not a capital asset BUT will it include urban agricultural land?

Deepak Gupta

Deepak Gupta

CA Inter


02-Oct-20 20:56


Answers (1)

Best Answer

Yes. As long as urban agricultural land is a capital asset, it will be considered as immovable property for the purpose of Sec 56(2)(x)

sudha reddy

sudha reddy


03-Oct-20 06:54