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Section under which Transfer of Rural Agricultural land

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(Querist)
01 September 2009 Hello all,
I would like to know under which section the transfer of rural agricultural land is exempted whether we would have to treat as agricultural income.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
02 September 2009 SECTION 2(14) EXEPTION NO. 3 DEFINES RURAL AGRICULTURAL LAND, AND SUCH LAND IS NOT CONSIDERED AS CAPITAL ASSET AND HENCE NOT TAXABLE.

refer section 2(1A)c
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