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Please help. Rural agriculture land compulsory transfer?
Under which section is it exempt? Section 10 (37) is for urban agricultural land. Rural agricultural land exempt under which section of income tax act? Please specify. Thank you!
Replies (2)
Rural Agricultural land is not a capital asset. Hence no capital gains tax is applicable.
Agree with you, but why not taxable under any other source of income? Also, please specify exemption section.
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