Capital gain

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22 Points Posted on 20 February 2019
Mr.M sold his agricultural land in rural area and purchased a Residential house

pls clarify me with the deductions and capital gain araising there to
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On 20 February 2019 at 20:17 Report
Replies (4)
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SEO Sai Gr. Hosp.
212441 Points Posted on 20 February 2019

Agricultural land in RURAL area is not capital asset, hence no capital gain. No tax liability.

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On 20 February 2019 at 20:22
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13 Points Posted on 20 February 2019
agreed with dhirjlal
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On 20 February 2019 at 22:48
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CA FINAL ASPIRANT
3115 Points Posted on 20 February 2019
agreed with dhirajlal sir
3 Reply
On 20 February 2019 at 22:56
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Student
7053 Points Posted on 22 February 2019
agricultural land in rural area in India is not considered as a Capital Asset therefore any gain from its sale are not taxable under the head capital gain
2 Reply
On 22 February 2019 at 18:44

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