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Sale of agriculture land situated in rural area
Sale of Agriculture Land situated in Rural Area is not considered as Capital Asset and hence it is not liable for Capital Gain.
So whether it implies that Amount received from Sale of Agriculture Land is Exempt from Income Tax ? or The same is included under the Head " Income from Other Sources "
?
Please Clarify me.
Replies (3)
As I understand, it is an exempt income and not income from other sources.
Such income is not liable for capital gains tax and not an income from other sources.
But please make sure that the date of sale land is before the 08th November 2016 otherwise it will assumed that it is tax avoidance transaction
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