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Profit on sale of agricultural land outside specified area.
ok so my query is how should profit on sale of agricultural land outside specified/notified are to be dealt with... as it is not within the meaning of capital asset and hence not chargeable to capital gain tax , should the profit be exempt from taxation(even though it is non agriculture income) or it should be included in income from other sources and normal taxation be charged.
Replies (2)
Gain made on sale of agricultural land situated in other than specified area is not taxable.
Non agri.Income from agri. land situated other than specified area is taxable bcoz it is not received from agricultural activity.
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