Capital gain ?
This query is : Resolved
10 August 2010
Capital Gain generated on rural agriculture land is Exempted ?? if yes under which section ?
Capital Gain generated on rural agriculture land is Exempted ?? if yes under which section ?
10 August 2010
YES, Capital Gain generated on rural agriculture land is Exempt, becouse rural agriculture land is not a capital assets for the purpose of capital gain under income tax act.
10 August 2010
If agricultural land in India, in situated —
(a) in any area which is comprised within the jurisdiction of a municipality41 (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population41 of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or
(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette42;]
gain on sale is exempt as the same is not covered in the defination of capital asset.
(a) in any area which is comprised within the jurisdiction of a municipality41 (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population41 of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or
(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette42;]
gain on sale is exempt as the same is not covered in the defination of capital asset.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Rent lease agreement
- Relief u/s Section 89
- REGARDING SECTION 44AE
- GST ON DAMAGED GOODS
- STCG....................................................
- Merchant Export Accounting
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
