I need section rule and case strudy : to reply show cause

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2014 MR SEETHARAMAN OR ANY MORE/OTHER HONORABLE MEMBER::--

* VERY URGENT PLEASE*

IT IS FOUND AND CONFIRMED FROM MR SEETHARAMAN THAT " SALE OF AGRICULTURAL LAND IN RURAL AREAS IS EXEMPT FROM TAX "
BUT I NEED FOLLOWINGS FOR REPLY AGAINST SHOW CAUSE NOTICE--

1) RALATED SECTION
2) RELATED RULES
3) ANY CASE STUDY
9434883466
emailid20@rediffmail.com

CA. Srinath C

CA. Srinath C (Expert)
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27 October 2014 Section 2(14) defines capital asset in IT act. As per this section, capital asset
means property of any kind held by an assessee whether or not connected
with his business or profession but does not include :
1. Stock in trade, raw material or consumable stores held for the purpose
of business or profession ( surplus arises out of these are taxed under the head profits and gains of business or profession);

2. Personal effects of movable nature including wearing apparel, furniture
and vehicle used for personal use by the tax payer or any dependent
member of such taxpayer. Following assets shall not be treated as
personal effects as these are specifically excluded from the list:
a. Jewellery
b. Archaeological collections
c. Drawings
d. Painting
e. Sculptures
f. Any work of art

3. Rural agricultural land i.e. agricultural land which is not situated within the specified area as mentioned under section 2(1A) of IT act.
4. Gold bond as issued by the central government (these instruments are
not is existence now).
5. Gold deposit bonds issued under the gold deposit scheme, 1999.

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