Agricultural land
This query is : Resolved
CA jyoti karamchandani
(Querist)
26 June 2013
is agricultural land profit is exempted other than in sec 10(37)???
CA PARAS BAFNA
(Expert)
26 June 2013
Not necessarily exempt.
.
Exempt only when the agriculture land is situated in the rural area.
.
.
Exempt only when the agriculture land is situated in the rural area.
.
CA jyoti karamchandani
(Querist)
26 June 2013
under which section & under which circumstances agricultural land is situated in rural areas is exempt? Plz sir guide me
CA PARAS BAFNA
(Expert)
26 June 2013
Please refer Section 2(14)(iii).
Also refer Section 2(47)
.
Logic behind the same, in short is, since rural agriculture land is not a capital asset, it is not covered by the definition of transfer and for the accrual of capital gains transfer of a capital asset is an essential condition.
.
Also refer Section 2(47)
.
Logic behind the same, in short is, since rural agriculture land is not a capital asset, it is not covered by the definition of transfer and for the accrual of capital gains transfer of a capital asset is an essential condition.
.
Ganeshbabu K
(Expert)
26 June 2013
also refer notification no.9447 dated jan 06 1994 for list urban areas specified
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