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Sale of agricultural land

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(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 ?
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
25 July 2013 gain from sale of rural agriculture land is exempted.
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
25 July 2013 sale of agricultural land is exempt from capital gains
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Navin Gheewala

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Navin Gheewala (Querist)
25 July 2013 can you please give me the section or reference number under IT act.?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
25 July 2013 REFER SEC 2(14) FOR CAPITAL ASSET DEFINTION AND EXCLUSION OF AGRICULTURAL LAND.
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Navin Gheewala

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Navin Gheewala (Querist)
25 July 2013 Thank you..
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