{
  "id": 453807,
  "title": "No income tax for selling agri land for Rs 7.24cr",
  "url": "https://urgent.news/2026/08/10/no-income-tax-for-selling-agri-land-for-rs-7-24cr",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-10T08:59:38.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/wealth/tax/sold-land-for-rs-7-24-crore-paid-no-tax-received-income-tax-notice-know-how-google-earth-photos-and-revenue-records-helped-taxpayer-to-win-this-case-in-itat-ahmedabad/articleshow/133092532.cms"
  },
  "original_language": "en",
  "account": "Patel, from Navrangpura, Ahmedabad, sold a 1/3 share of his family's agricultural land for Rs 7.24 crore without incurring any income tax. This was possible due to the Section 54B tax exemption under the Income-tax Act, 1961, which allows exemption on the sale of agricultural land used by the taxpayer, their parents, or the family's HUF for at least two years before the sale, with capital gains reinvested in another agricultural land within two years. Patel had initially claimed the exemption, but the Income Tax Department denied it, citing the lack of evidence to prove that the land had been used for agriculture in the two years leading up to the sale. Patel's appeal was initially rejected by the Income Tax Appellate Tribunal (ITAT) Ahmedabad but later upheld by the ITAT Ahmedabad on July 15, 2026, after the department failed to contradict the documentary evidence presented by Patel.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}