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Capital gains

This query is : Resolved 
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(Querist)
21 May 2014 Sir,

The assessee ( Domestic Company) holding the Agricultural Land from 2008 and showing the asset in Fixed Asset Schedule as Capital Assets. The Company is also making the profits by doing the agricultural activities. The land is situated 8 km away from the Municipal Limits and having more than 10 Lakhs population of the municipality.

Sir, during the Asst. Year 2014-15, the Company sold the agricultural land to the different individual assessess and earned the profit on the sale.

Sir, kindly let me know, whether the gain on sale of Agricultural Land is taxable or not? If not, kindly provide me, under the which section the capital gain is exempt.

With regards
Ramesh
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Rupesh Jain

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Rupesh Jain (Expert)
21 May 2014 it will not exempt for company
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