Capital Gain Tax on sale of Agri Land

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amol (Querist)
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10 February 2010 In case of sale of Agricultural Land situated in rural area what will be the tax treatment?
Whether it is capital Asset?
If yes,Whether it is liable to Capital Gain Tax?
If not,whether it is consider as income from other sources?

veena

veena (Expert)
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10 February 2010 Rural agri land is not a capital asset in view of sec 2(14). Hence no capital gain on sale of such land

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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10 February 2010 Agree with Expert

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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10 February 2010 Agreed...

amol

amol (Querist)
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13 February 2010 In case of sale of Agricultural Land situated in rural area what will be the tax treatment?
Whether it is capital Asset?
If yes,Whether it is liable to Capital Gain Tax?
If not,whether it is consider as income from other sources?

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