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
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)