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Incometax

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Yash Dave (Querist)
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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

CA PARAS BAFNA (Expert)
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07 August 2012 The profit on sale of such rural agriculture land is exempt.

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Amol S Joglekar

Amol S Joglekar (Expert)
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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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