capital gain on agri land
This query is : Resolved
selvakumar
(Querist)
21 December 2009
dear all
pls guide me with latest case law regarding treatment of capital gain non urban agri land is it necessary to carry out agri activity for treatment of agri land.
pls guide me with latest case law regarding treatment of capital gain non urban agri land is it necessary to carry out agri activity for treatment of agri land.
21 December 2009
Rural agri land is not a capital asset in terms of Sec 2(14) of IT act. Unless and until the land is used for some non agri purpose it will be agri land only. The case law here mentioned have some contents in support of this view:
Haresh V. Milani Vs. Joint CIT (2008)114ITD 428 (pune)
Haresh V. Milani Vs. Joint CIT (2008)114ITD 428 (pune)
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