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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

1K+

02-Oct-20

37

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

Moderator

03-Oct-20

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