IndigoLearn

Forums

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 20:56

14

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 06:54

Happy Mother's Day
IL Pass percentages
Tally Free
Quote
Refer
EMI
Lazypay
Past_Exams