Capital Gain
This query is : Resolved
23 June 2008
Mr.A purchased agricultural land during Dec-2005 and declared income from Agriculture land in his return of Income for rate purpose. Agriculture Land is situated in a village, which is beyound 8 K.M from municipal limit and population is less than 10,000.
Whether sale of above agriculture land during July 2008 will attract short term Capital Gain Tax.
Whether sale of above agriculture land during July 2008 will attract short term Capital Gain Tax.
CA. Yayati Tyagi
(Expert)
24 June 2008
if it is an agriculture land, there will be no capital gain on sale. it is exempt.
Sakshi Gumbar
(Expert)
24 June 2008
agricultural land situated out of the municipal jurisdication and having population of less than 10,000 is not a capital asset for income tax purpose and hence no capital gain on its tranfer.
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