Sale of agriculture land

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CA.Vivekkumar Trivedi (Querist)
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25 October 2013 one of my friend have sold agriculture land which is in rural area and beyond 8 Km from municipal limits now i want to solution for following questions:
1) whether exempt or taxable
2) if exempt then under which sections
3) if taxable then how i will be save tax on this income

CA UMESH DULAL

CA UMESH DULAL (Expert)
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25 October 2013 it seems from the information provided by you, sold asset is not capital assets, hence it is exempt.

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CA.Vivekkumar Trivedi

CA.Vivekkumar Trivedi (Querist)
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26 October 2013 but umesh sir whether totally exempt per se or it is required to do investment somewhere?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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26 October 2013 If it is rural ag land (check relevant docs to ascertain whether it fits into the definition of rural ag land), it is entirely exempted as it not chargeable to tax.

if it does not fits into the definition of rural ag land but ag is done for last 2 years by assessee or by his parents, then purchase the ag land to get exemption of capital gain

CA.Vivekkumar Trivedi

CA.Vivekkumar Trivedi (Querist)
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10 November 2014 Thanks sir

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