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Rural Agricultural Land Sale Proceeds

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11 July 2008 Rural Agriculural Land is excluded from the definition of capital asset and hence sale proceeds of such land does not come under the purview of Capital Gains.

However

is such income exempt from tax i.e. shouldnt it be taxed under some other head as it is not a Capital Asset and has generated income just like the other items that are being excluded from the definition of Capital Asset
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
12 July 2008 Its an agricultural income and accordingly has to be dealt with
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