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rural agricultur land-whether taxable

This query is : Resolved 
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(Querist)
11 August 2008 Rural Agricultural Land purchased on 1st January 2006 for Rs. 4,00,000
This is sold on 1st January 2008 for Rs. 10,00,000
Is Capital Gains attracted.
Profit under which head should be taxed,if taxable,give section
Or it is not chargeable
Plz explain
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
12 August 2008 only long term capital gain is exempted for the same sales in your case land is purchase on 01/01/06 & sold on 01/01/08 so it is short term capital gain & is charged under regular incme of the same
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CA Abhishek Tyagi

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CA Abhishek Tyagi (Expert)
12 August 2008 Dear Arpan,

This is not be treated as capital gain whether long term or short term as the rural agricultural land is specifically excluded from the definition of capital asset. You may kindly refer to that definition.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 November 2021 Rural agricultural land is not a capital asset as per sec. 2(14) of IT act.
So. capital gain liability doesn't arise.
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