Capital gains for agriculture land
This query is : Resolved
Nicholas Benadict
(Querist)
04 January 2015
my client has a land which is more than 8kms from municipal limits, but does not have agriculture income in the past years, Will the sale proceeds of that land attract capital gains, or be exempted as agriculture income. Pls help
CA R SEETHARAMAN
(Expert)
04 January 2015
Please see the records of revenue authorities if it is classified as agricultural land then it will not attract capital gain.
CA Kumar Mukesh
(Expert)
05 January 2015
If it does't comes under the definition of capital asset given under section 2(14) then there is no liability of Income Tax for capital gain arsing under from sale of said asset.
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