Property
This query is : Resolved
05 December 2013
IF I SOLD AGREECULTURE PROPERTY
SO IT TAXABLE OR NOT
SO IT TAXABLE OR NOT
05 December 2013
I assume that, its an Agricultural Land and not Property.
Right?
Right?
05 December 2013
ITS A AGRICULTURAL LAND SIR
05 December 2013
Okay.
As per Section 2(14) of Income Tax Act,1961 agriculture land is not a capital assets, hence no tax consequences on sale of agricultural land under the head of Capital Gains.
As per Section 2(14) of Income Tax Act,1961 agriculture land is not a capital assets, hence no tax consequences on sale of agricultural land under the head of Capital Gains.
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