Buying agricultural land near a city? Key income tax rules you must know

An ITAT ruling clarified that stamp duty valuation doesn't define agricultural land status for income tax. The tribunal emphasized that official revenue records, actual cultivation, and lack of formal conversion are key factors. This decision protects buyers …

When Mr. Ishwarbhai had filed his income tax return (ITR) for Assessment Year 2018 19 he had reporting a total income of Rs 11.66 lakh. However, during the course of assessment, the Assessing Officer…

Originally published by The Times of India. Read the full article →