Agrculture land acaquisition by govt and capital gain
This query is : Resolved
14 September 2013
my client has purchased agriculture land from a farmer one year ago which has been acaquired by govt. whether capita tax is chargable on this land .
14 September 2013
No Capital gain Tax on transfer of Agriculture land...
However, such land is an agriculture land and its income subjected to income from agriculture only..
However, such land is an agriculture land and its income subjected to income from agriculture only..
14 September 2013
but assessee has purchased this land from a farmer just a year ago. assessee is also farmer. in sec 10(37) exemption is for person who is farming for 2 years . is it so?
14 September 2013
Rural Agricultural Land isn't a capital asset..
Land must be rural agricultural land according to IT rules..
Is exempt for Capital gain tax whether short or long term..
Land must be rural agricultural land according to IT rules..
Is exempt for Capital gain tax whether short or long term..
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