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Agricultural land

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(Querist)
26 June 2013 is agricultural land profit is exempted other than in sec 10(37)???
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 June 2013 Not necessarily exempt.
.
Exempt only when the agriculture land is situated in the rural area.
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CA jyoti karamchandani

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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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 June 2013 Please refer Section 2(14)(iii).
Also refer Section 2(47)
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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.
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Ganeshbabu K

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Ganeshbabu K (Expert)
26 June 2013 also refer notification no.9447 dated jan 06 1994 for list urban areas specified
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