if assessee sold a plot (i.e. RURAL land/plot) (but not a agriculture land) .. in that case is it capital assets or not u/s 2(14) ?
vikash mangal
C.Balaji
(Learner)
(1867 Points)
Replied 29 March 2010
Dear Vikash.........
Transfer of Rural agricultural Land is Exempt from tax and not simply Rural Land.........
Transfer of Rural Land is therefore taxable as it is a capital asset u/s 2(14)..........
CAclubindia
