Suppose an employer transfers his employee a rural agricultural land without any consideration then will it be taxed just like any other asset or will it be exempt since it is a rural agricultural land?
Arka Bose (None) (313 Points)
26 April 2010Suppose an employer transfers his employee a rural agricultural land without any consideration then will it be taxed just like any other asset or will it be exempt since it is a rural agricultural land?
itika mehra
(articled assistant)
(202 Points)
Replied 26 April 2010
It will be exempt as its not transfer of any capital asset coz capital asset as defined under section 2(14) does nto include rural agricultural land.
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