Sale of rural agri land
This query is : Resolved
09 August 2017
which value should we show under exempted income??? entire sale proceeds or profit on sale????
09 August 2017
Profit on sale is to be shown.
09 August 2017
Profit on sale is to be shown.
09 August 2017
Sir can you please clarify the section under which it is exempt????
10 August 2017
Agricultural land can be excluded from taxation if specific parameters (such as: usage of the land for agriculture, distance from local limits of a municipality, and local population in the municipality) that are outlined in the Indian income tax laws (Section 2(14) of the Income Tax Act, 1961 (the Act)) are met.
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