How are gains from farm land sale taxed?
Agricultural land in a rural area is not considered a capital asset and therefore gain on sale of the same is not subject to income tax.
I am a 30-year-old software engineer working in Kochi and have recently received ₹10 lakh from the sale of a share of agricultural property. Is this amount taxable? Also, if I was to purchase a house with the proceeds, can it be set off for income tax purposes?