Incometax
This query is : Resolved
07 August 2012
SALE OF AGRICULTURE LAND IS EXEMPT BEING AGRICULTURE LAND OR TAXABLE. THE LAND IS BEYOND 8 KMS FROM GRAMPANCHAYAT & POULATION IS ALSO BELOW TEN THOUSHAND PLEASE EXPLAIN
CA PARAS BAFNA
(Expert)
07 August 2012
The profit on sale of such rural agriculture land is exempt.
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Amol S Joglekar
(Expert)
07 August 2012
If it is following both the conditions set out in the definition of Capital Asset, then such an agricultural land is NOT a capital asset and hence the gain is not taxable.
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