I know that sale of rural agricultural land is exempt from capital gain tax,
but I want to know ,whether it is agricultural income
or
it is wholly exempt
sale of rural agricultural land
Replies (4)
sale of agricultural land in rural areas is not a capital asset, hence no capital gain.
but make sure the conditions given under section 2(14) is satisfied to consider that as a agricultural land
Wholly exempt as it is not considered as capital asset.
Rural agricultural land itself is not a Capital Asset. So, no Capital gains incase of sale of it.
Sale of Rural agricultural land is wholly exempted from tax.
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