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Sale of agriculture land will attract capital gain or not

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(Querist)
20 April 2015 my client purchased agricultural land in 2008 for Rs.4,00,000 and sold the same in 2011 for Rs.22,12,500. the income tax officer issued summons to assessee u/s 131 of IT Act,1961. whether the sale of agl land will attract the capital gain or not. kindly explain the same
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
20 April 2015 If the agriculture land is a rural agriculture land, it will not attract Capital Gains Tax. If it is in municipal area or within the prescribed limits from the municipal area, capital gain tax can be charged.
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