08 February 2013
Capital Gain is not applicable on sale of Rural Agriculture Land, Your Land is under a term of Rural Agriculture land, hence any capital gain arrise on sale of such land is EXEMPT....
08 February 2013
Refer section 2(14)(iii) of IT Act where in it states that agricultural land is not a capital asset if certain conditions are satisfied. Hence, gain on sale of agri land is not taxable.
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