KARNATAKA LAND REVENUE ACT 79B. Prohibition of holding agricultural land by certain persons.—(1) With effect on and from the date of commencement of the Amendment Act, except as otherwise provided in this Act,—
(a) no person other than a person cultivating land personally shall be entitled to hold land; and
(b) it shall not be lawful for,-
(i) an educational, religious or charitable institution or society or trust, other than an institution or society or trust referred to in sub-section (7) of section 63, capable of holding property;
(ii) a company;
(iii) an association or other body of individuals not being a joint family, whether incorporated or not; or
(iv) a co-operative society other than a co-operative farm,
to hold any land.
The above law clearly states that a non-agriculturist/company shall not hold or buy any agricultural land until one of them is an agriculturist.
Further the same act under sub section states that :
(2) Every such institution, society, trust, company, association, body or co-operative society,—
(a) which holds lands on the date of commencement of the Amendment Act and which is dis entitled to hold lands under sub-section (1), shall, within ninety days from the said date, furnish to the Tahsildar within whose jurisdiction the greater part of such land is situated a declaration containing the particulars of such land and such other particulars as may prescribed; and
(b) which acquires such land after the said date shall also furnish a similar declaration within the prescribed period.
Thus if you intend to buy the agricultural land you may buy it on the name of an agriculturist. to be on the safer side and can convert into a company at a later stage gradually as per law in vogue.