Profit on sale of rural agricultural land

This query is : Resolved

G LAKSHMI KANTHA (Querist)
Follow

13 September 2016 A Private Limited company having rural agricultural lands (fixed asset and not stock in trade) and portion of the said agricultural land was acquired by Govt. and paid compensation. Rural agricultural land not being a capital asset as defined u/s 2(14) of the Act, the capital gain arises on transfer of said land is not taxable u/s 45 of the Act. How to account for the same in books of account of the company in view of MAT u/s 115JB of the Act.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

13 September 2016 you can transfer the same to Capital Reserve. The MAT provisions will apply accordingly.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Lalan Kumar Jha

Sabyasachi Mukherjee

Poojitha Raam Vinay

Mukesh Singh

Krishna Kumar A

Subscribe Now

Profit on sale of rural agricultural land

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

CA Final

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance