I am owner of 1.20 Acre of rubber cultivated land located in rural area in KERALA. The land was purchased during September 2005 at a cost of Rs 135000/_. Now I am planning to sell the land about 50 lakh Rupees. Since land is located in rural area and cultivated rubber will it considered as agricultural land?. If so whether I am eligible for exemption of LTCG Tax under rural area agricultural land.
Hope to hear u soon