Sale of rural agriculture land
This query is : Resolved
14 December 2012
Is revenue from sale of rural agricultural land is agricultural income u/s 2(14)?
if it is exempted , under which sec?
pls reply me...
thanks
if it is exempted , under which sec?
pls reply me...
thanks
Dintakurthi Tirumala
(Expert)
14 December 2012
Revenue(Income) from any agricultural land by way of lease or any other is exempted income. But gain on sale of agricultural land is exempted for rural agricultural lands and taxable for urban agricultural lands.
Here rural agricultural land means those agricultural lands which are situated beyond 8kms from the limits of any municipality or corporation.
OM SAI SRI SAI JAI JAI SAI
Here rural agricultural land means those agricultural lands which are situated beyond 8kms from the limits of any municipality or corporation.
OM SAI SRI SAI JAI JAI SAI
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