Capital gain
This query is : Resolved
24 July 2013
Respected Sir/Madam,
If a Agricultural Land (rural; situated outside the limit of municipality and cantonment board) is sold, then
1)Shall i have to pay capital gain, as such land is not being treated as capital asset?
2)And if not, will such income be treated as other source income since the income is not belong to any head apart from other source and it is considered to be income from NON CAPITAL ASSET rather than EXEMPTED INCOME FROM CAPITAL ASSET?
Please help me...
Thanks in advance...
Sagar.
If a Agricultural Land (rural; situated outside the limit of municipality and cantonment board) is sold, then
1)Shall i have to pay capital gain, as such land is not being treated as capital asset?
2)And if not, will such income be treated as other source income since the income is not belong to any head apart from other source and it is considered to be income from NON CAPITAL ASSET rather than EXEMPTED INCOME FROM CAPITAL ASSET?
Please help me...
Thanks in advance...
Sagar.
CA PARAS BAFNA
(Expert)
24 July 2013
Such income is exempt from tax. Credit directly to Capital and enjoy.
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