My Client has purchased an Agricultural Land in Rural Area since more than 25yrs. Is there any tax payable on the same other than Capital Gain on sale of such Rural Agricultural Land?
Will that be treated as capital receipt or liable to pay tax?
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Is there any tax on sale of rural agricultural land?
Replies (1)
According to section 2(14) of imcome tax act 1961 agriculture land in rural area is not a capital assets and so sale of this land is not subject to capital gain.
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