Sale of agricultural land
This query is : Resolved
Navin Gheewala
(Querist)
25 July 2013
My cousin grand father is NRI and has sold his agricultural land in October 2012. The land is in rural area 25 kilometers away from municipal corporation. He has transferred all the money from sale of land abroad. I want to know that will my grand father will be taxed for this sale of agricultural land ?
CA UMESH DULAL
(Expert)
25 July 2013
gain from sale of rural agriculture land is exempted.
CA Pooja Agarwal
(Expert)
25 July 2013
sale of agricultural land is exempt from capital gains
Navin Gheewala
(Querist)
25 July 2013
can you please give me the section or reference number under IT act.?
25 July 2013
Agricultural land is not capital asset only as per defintion of capital asset it is excluded hence transfer of it is exempted from capital gain.
25 July 2013
REFER SEC 2(14) FOR CAPITAL ASSET DEFINTION AND EXCLUSION OF AGRICULTURAL LAND.
Navin Gheewala
(Querist)
25 July 2013
Thank you..
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