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Property

This query is : Resolved 
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(Querist)
05 December 2013 IF I SOLD AGREECULTURE PROPERTY
SO IT TAXABLE OR NOT
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CA Kunal Kourani

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CA Kunal Kourani (Expert)
05 December 2013 I assume that, its an Agricultural Land and not Property.
Right?
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TAVKER NIKUNJ

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TAVKER NIKUNJ (Querist)
05 December 2013 ITS A AGRICULTURAL LAND SIR
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CA Kunal Kourani

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CA Kunal Kourani (Expert)
05 December 2013 Okay.
As per Section 2(14) of Income Tax Act,1961 agriculture land is not a capital assets, hence no tax consequences on sale of agricultural land under the head of Capital Gains.

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