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Agriculture land
We have sold pure Agricultural land Purchased 5 Years before ,20 Kms distanced from city limit ,to a company ,under 63AA clause of Gujarat Revenue code which permits Agricultural land sales to a company for bonafide industrial purpose. The reference rates/Jantri for calculating stamp duty for Registration of sale deed are as per Industrial NA land. Are we required to pay IT on Profit ?
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As per S.2(14) of the Income Tax Act, 1961, capital asset does not includes agricultural land and hence no capital gain shall arise on its transfer i.e. it is a tax free capital receipt
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