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Capital Gain on Transfer of Land used for Agricultural Purp

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sai kiran (Querist)
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11 October 2008 I have a doubt whether the transfer of land used for agricultural land attracts capital gain? (urban/rural land)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 October 2008 If the agricultural land is situated in urban area,its transfer attracts capital gains. If it is situated in rural area,unless notified,transfer will not attract capital gains. In case of compulsory acquisition of agricultural land situated in urban area,from assessment year 2005-06 onwards,capital gains arised therefrom is exempted u/s 10(37) subject to conditions mentioned therein.

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