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Capital gains on sale of agriculture land.

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 June 2015 I purchased an Agriculture Land 2013-14 (FY) in rural area and sold in 2014-15 (FY). The profit is 14,00,000/-. Is it exempted from Income Tax or Short term gain?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 June 2015 It is exempted from income tax.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 June 2015 Please give me detail under which section & rulings it is exempted.



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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 June 2015 Refer section 2(14) of the Income tax Act it is not a capital asset so exempted from Income tax.

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