Rural Agricultural Land Sale Proceeds
This query is : Resolved
Guest
Guest
(Querist)
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
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
12 July 2008
Its an agricultural income and accordingly has to be dealt with
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