Sale of agricultural land
This query is : Resolved
21 November 2011
if agricultural land is sold by assessee, which is not asset as per section 2(14), i.e situated beyond the 8 Km from the municipility limit and population is less than 10000 than what will be the tax applicability. and also he dont purchase any agricultural land in any area
22 November 2011
agricultural land is not an assets, hence not taxable
22 November 2011
The Agricultural Land is not an capital asset and hence the gain arise from that is not taxable.
23 November 2011
As this land is not a capital asset, there is no tax implication under income tax act irresective of the fact that he has not purchased any other agricultural land.
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