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Tax liablity

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(Querist)
31 March 2014 Dear all If two rural agricultural land purchase and sale within 2 year than profit on sale is taxable or not ........???? plz tell me section with explanation. ...
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Harsha goyal

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Harsha goyal (Expert)
31 March 2014 Rural agricultural land is exempt from Income tax.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
31 March 2014 Dear Ravi

Rural agricultural land is not considered as a capital asset by virtue of section 2(14). Further, the income generating from any such asset is exempted under section 10(1).
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