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I held some agricultural land in Gujarat state for 14 years, and sold it on 20th August. As per the law in Gujarat, a non-farmer cannot hold agricultural land, so the land status was changed to non-agricultural status 3 months back for the purpose of sale.

Now will I be able to avail long term capital gains benefit or is it business income?

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    Country? Location is always needed to answer tax questions Aug 24 '14 at 10:34
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Gains Agricultural land is non-taxable. However if the status of the land is changed, it would be Capital Gains, there is no business income here unless the land was bought on Companys name.

Please consult a CA, there would be benefit of indexation as well as arriving at the fair price.

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