Profit on sale of rural agricultural land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2013
Sale of agricultural land by a private limited company is exempted from tax as per the definition given u/s 2(14)(iii) of the Income Tax Act 1961. But is it exempt from MAT also or not u/s 115JB ?
please give me advice,it's urgent sir.
please give me advice,it's urgent sir.
16 June 2013
yes..
sale of agriculture land will not form part of book profit for 115jb,..
it is also held in the case of ,
Nilagiri Tea Estates Ltd, ... vs Department Of Income Tax on 29 February, 2012
Thanks & regards
Ganesh babu k
sale of agriculture land will not form part of book profit for 115jb,..
it is also held in the case of ,
Nilagiri Tea Estates Ltd, ... vs Department Of Income Tax on 29 February, 2012
Thanks & regards
Ganesh babu k
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