Capital gain
This query is : Resolved
M.M.SURANA
(Querist)
07 June 2014
A Aguriculture land which situated in rural area is sold and attract profit . As per definition of Capital Assets Aguriculture land is not forming part of capital assests . pl let me know about treatment of income under incometax Act.
07 June 2014
then no capital gain attracted as transfer of rural agricultural land is not taxable.
M.M.SURANA
(Querist)
07 June 2014
thanks Mr. Tushar. One more doubt If I gift this property to my friend , whether it attract tax u/s 56(2) in the hand of receipant
07 June 2014
the ans is yes as income from other sources doesnt make any distinction for capital asset and non cap asset and sec 56(2) if applicable will apply.
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