Rural land exclusion
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 July 2014
what is relevance of new definition of rural land in
a) Agri Income
b) Wealth Tax
c) Capital gain
a) Agri Income
b) Wealth Tax
c) Capital gain
23 July 2014
for b and c........................................
Nikhil Kaushik
(Expert)
26 July 2014
i believe you mean rural agriculture land. the relevance is simple...whatever is classified as rural agriculture land, the income from it is not included in your taxable income be it annual income or capital gains and that it is not covered under wealth tax as an asset.
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