Sale Proceeds - Rural Agri Land
This query is : Resolved
Guest
Guest
(Querist)
11 July 2008
Rural Agriculural Land is excluded from the definition of capital asset and hence sale proceeds of such land does not come under the purview of Capital Gains.
However
is such income exempt from tax i.e. shouldnt it be taxed under some other head as it is not a Capital Asset and has generated income just like the other items that are being excluded from the definition of Capital Asset
However
is such income exempt from tax i.e. shouldnt it be taxed under some other head as it is not a Capital Asset and has generated income just like the other items that are being excluded from the definition of Capital Asset
11 July 2008
capital gain arising from the rurarl agricultuaral land is exempted from income tax
12 July 2008
The income mentioned by you is in the nature of Agricultural income. Hence, the prov related to Agricultural income is to be followed
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