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Incometax

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28 July 2012 SALE OF AGRICULTURE LAND WITHIN 1 YEAR IS EXEMPT BEING AGRICULTURE LAND OR TAXABLE. THE LAND IS BEYOND 8 KMS FROM GRAMPANCHAYAT & POULATION IS ALSO BELOW TEN THOUSHAND PLEASE EXPLAIN
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
28 July 2012 It will not be a capital asset u/s 2(14) hence gain from agriculture land will be treated u/s 10(1).
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CA mahesh birla

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CA mahesh birla (Expert)
29 July 2012 agree with hardik, gain from sale of purely agreeculture land is not capital gain, it will cover in u/s 10(1)
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