Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

agr landurban agr land

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

saritha

saritha (Querist)
Follow

28 July 2008 are the following receipts taxable

1.sale of rural agricultural land

2.sale of urban agricultural land

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

28 July 2008 For this purpose the agricultural land as appearing in the definition of capital asset u/s 2(14)(iii) is to be considered. As per the said section, any agicultural land which is not situated in any area within the jurisdiction of a municipality or a cantonment having a population of 10000 or more or any area within 8 KMS from the limit of such municipality or cantonment is not a capital asset. Conversely, any land within such limits will be capital asset and the gain arising from the sale of such land shall be a capital gain under income tax act.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now