29 November 2010
If any assessee has the transactions of sale and purchase of agriculture land and if he earn income due to this transactions.Than, Is this income will be taxable in the head of business & profession or in the capital gain.
30 November 2010
Transaction of Sale and Purchase of Agriculture Lands are shown under the head Capital Gains, generally. If the Agriculture land sold is a Rural land then, there will be neither Capital Gain nor any taxable profit.
If a person sells his urban agriculture land which has been used by him or any of his parents for agriculture purposes (within 2 years from sell), and if he invests resulting gains in purchasing an agriculture land within 2 years, he is entitled to get exemption U/s 54B.
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