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Sale of agricultural land

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(Querist)
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
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Prakash Tolani

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Prakash Tolani (Expert)
22 November 2011 agricultural land is not an assets, hence not taxable
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Gayathri Devi

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Gayathri Devi (Expert)
22 November 2011 The Agricultural Land is not an capital asset and hence the gain arise from that is not taxable.
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CA. DINESH KUMAR

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CA. DINESH KUMAR (Expert)
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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