hi everybody
A construction co owns a land in rural area. this land was purchased from a mining co.this minig co was showing this land as agriculture land.all the legal papers support that it was a agriculture land but no agriculture activity is being carried out by minig co as well as construction co.
now construction co have sold this land to a housing project developer co for constructing houses on that land
will profit on transfer of aforesaid land be exempted due to it was a agriculture land on legal papers
CAclubindia
