Sec 2(14) Aguriculture land

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This discussion concerns whether agricultural land purchased in 2005 and sold in 2013, with produce used for personal consumption, qualifies as a capital asset and is therefore not taxable. The expert suggests this is likely correct, especially given the land's rural location relative to a municipal board. The conversation also touches upon a tax scrutiny case under Section 148, awaiting a Supreme Court judgment on procedural amendments.

Mahendra Surana

Mahendra Surana (Querist)

14 February 2022 Dear Expert ! My client purchased aguriculture land in 2005 and sold in Oct. 2013 and aguriculture product, say rice was used by him for own family. As per census 2011 , population of village is 1400 having panchayat and village is far war away from municipal board about 28 km arially of which population of was about 66000 as per 2011 cenusu, he has claimed it is not a capital assets and cannot be taxed. is it correct ? pl advise.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

14 February 2022 Yes, seems to be correct...

Mahendra Surana

Mahendra Surana (Querist)

14 February 2022 Sir case is under scrutiny 148 and 148 is issued 29.6.21 and we have raised objection since failed to follow amendment sec.148A to 151 and high courts have quessed notice.matter is pending with SC but We want to keep update ourselves

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

14 February 2022 So, wait for SC judgement. If required keep ready the town-planning certificate along with revenue office records.

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