If you are working with income greater than 2 lakh per annum. You have to inherit the agricultural land in Karnataka, is it possible?
Or do you have to wait till you are retired?
Is it true that land will be taken over by the govenment?
Yes. it is true. 99% people dont know this law. Govt dont have squad to check this. If VA,PDO puts it up. Tehsildar can take action.
If this rule is applied/followed strictly, 100% politicians loose their lands. They dont let it happen,So you are safe.
See more discussion in below thread
farmnest.com/forum/farming-news- … egally!!!/
Sri avare
this retirement comes into action only when i file my IT returns? since i am working in pvt org, and next finance year, if i file that i dont have income, does it considered as i am retired?
just curious, trying to save money and wanted to settle with loan free, remote (somewhere near hassan) living dreams ,
The law says average income of whole family for past 5 years. In my opinion, Land sharks who should worry about it, not a person who buys land for genuine agricultural activity.
By the way you cannot own an ancestral property if you are an IT payer. If this is strictly followed lots of people will loose lands.