Sale of rural agriculture land

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shinitha (Querist)
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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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

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