WHAT ARE THE PROS AND CONS OF BUYING AGRICULTURAL LAND?
What is agricultural land?
Agricultural land is the land base whereupon agribusiness is practised. Commonly happening on farms, farming exercises are embraced upon agrarian land to deliver agricultural items. Albeit agricultural area is principally needed for the production of food for human and animal utilization, agrarian exercises additionally incorporate the growing of plants for fibre and fuels (counting wood), and for other naturally derived items (pharmaceuticals, and so forth). Urban agricultural is a land located in a specified location and used for agricultural purposes.
So, What are the Pros and Cons of buying agricultural land?
Pros of Buying Agricultural Land-
The one main advantage that persuades people to invest in large amounts on agricultural land, is tax exclusion. The gains you make from your land, will not be subject to wealth tax, which is a kind of tax typically imposed on profits that are made from properties.
You can also plant your crops and apply for government grants if you feel ready to invest in your time and energy. You can rent out your land to farmers and share the gains, but that would depend completely on natural factors.
You can choose to do crop sharing, and let someone else plant crops on your land. You can take some portion of the profits as payment. In this way, you can make sure that your land is also taken care of. In the long run, you can reap big benefits. You can get tax credits, or even divide your land and sell it for a bulky profit.
Cons of Buying Agricultural Land-
Everyone cannot buy agricultural land, you need to be a farmer to own agricultural land in India, as per the law. Some have eased this condition, while most states have such a ruling. For instance, NRIs cannot buy agricultural land in India.
Conversion may be difficult of agricultural land into a residential one if it's still fertile for farming. The land should be dry land for conversion.
To get the most out of your farmland, it is necessary that you have the business intuition to be able to maintain the value of the site and ideally, make a reasonable profit. However, since farmland is an expert type of land, plenty of knowledge and understanding is needed before buying it.
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