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 ?
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.
CAclubindia
