Capital Gains for land Sale?

Is the Agricultural and Commercial Land is treated differently than the Residential land for the purpose of calculation of capital gains tax?

The capital gains treatment for Ag.Land and other lands are different.

The agricultural land tax treatment is given in this link. See my answer which was selected as best answer by the asker.

http://answers.yahoo.com/question/index;...

The lands which are not treated as Ag.Lands, are straight away treated as Capital gains and they become short term gains if they were sold before 36 months and long term if sold after 36 months. Short term capital gains will not have any tax benifit and treated as narmal profit and will be taxed according to tax slabs. In case of long term capital gains, the tax will be at flat rate of 20% with indexation.

The long term gains on Non Ag.land or Ag.land can be set off by purchasing a Residenial house. The ag.land if treated as capital gains can also be set off by way of purchasing another Ag.land or a Residential House.

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