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Sale of Agri Land and MAT

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(Querist)
25 November 2008 Sale of Agricutural land by an assessee does not attract Capital Gains Tax. But when an assessee is a Corporate entity will it be liable to pay Minimum Alternate Tax on the sale consideration received.
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Ravikumar.G

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Ravikumar.G (Expert)
25 November 2008 As per MAT , Income exempt u/s 10/11/12 (except 10(38), 10(A), 10(B)), if any credited to p & L a/c which can be deducted from that Income.
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