If a person transfers agricultural land outside the specified area and derives a profit of Rs. 40 Lakhs, is it taxable under the income tax act ?
Agricultural land outside specified area is not a capital asset, and hence the profit is not a capital gain.
He is not a real estate business man and the land was not a stock in trade. So it is not a business profit also.
My doubt is , is it taxable under "Income from other sources" ? Or is it not taxable at all ?
Please share your views..
Thanks in advance..