Rural land exclusion

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Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2014 what is relevance of new definition of rural land in
a) Agri Income
b) Wealth Tax
c) Capital gain

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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23 July 2014 for b and c........................................

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 July 2014 i believe you mean rural agriculture land. the relevance is simple...whatever is classified as rural agriculture land, the income from it is not included in your taxable income be it annual income or capital gains and that it is not covered under wealth tax as an asset.