Short term cap gain on agriculture land
This query is : Resolved
13 September 2011
Dear Sir
Please tell whether short term capital gain on sale of agriculture land situated in rural area and outside the municipal limits is exempt from tax?
Please tell whether short term capital gain on sale of agriculture land situated in rural area and outside the municipal limits is exempt from tax?
13 September 2011
Yes it is exempt because agricultural land does not comes under capital asset definition.
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