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Sec. 56(2)(x) Gift Query

Direct Taxation

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

332

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

CA Final

20K+

03-Oct-20 06:54

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