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captial gains


harish .k (STUDING)     26 September 2010

harish .k
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Hi, friends

I have a query regarding Captial  gains i,e  my assesse sold an Agriculture land owned by him in an village not in an municipal area owned by him to 2 yrs and  sold for nominal profit only , My query is whether is he exempt from Captial gains or not .or he is liable to tax 

As per my knowledge it is exempt from tax as it is not an captial assset

rectify the above if any mistake

Regards

harish 

 

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Joey Tribbiani (fdg)     27 September 2010

Joey Tribbiani
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village land is not a capital asset
 

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CA Vinay Gandhi (CA)     27 September 2010

CA Vinay Gandhi
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Agricultural land situated in rural area is not a capital asset.

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Pranav Chawla (article assistant)     27 September 2010

Pranav Chawla
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Agricultural land is nota capital asset so no capital gain..

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Ankit Jain (Article (Final))     27 September 2010

Ankit Jain
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You are correct Harish

 

Capital gain will not arise on sale of Agricultural land.

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.g.k. (employed)     27 September 2010

.g.k.
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As per section 2(14),

Agricultural lands situated outside specified areas are not capital assets.

 

Now a specified area means

1. An area which is comprised within the jurisdiction of a municipality or corporation or cantonment board, and

2. Any area which is within a distance of 8 kms from such municipality or cantonment board or corporation, (which has a population of not less than 10,000 as per the last preceding census, the results of which have been published before the first day of the relevant previous year), which has been notified in this behalf.

 

There is no taxability of the same under income tax act, if agricultural land is outside a specified area.

Your view appears correct.

 

Regards

avater

harish .k (STUDING)     27 September 2010

harish .k
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Thanks for  replies friends..................:)

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ravi tej (ca final)     27 September 2010

ravi tej
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RURAL AGRICULTIRE LAND IS NOT A CAPITAL ASSET THEREFORE IT SHOULD BE TAXABLE ON OTHER HEAD.

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Santosh (Student ( Final Year - New ))     27 September 2010

Santosh
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Originally posted by : Ankit Jain

You are correct Harish

 

Capital gain will not arise on sale of Agricultural land.


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