24 August 2008
hellooo there is sale of agri land situated in rural area so what should be effect on computation of income is there any wording in IT Act About this case ??? plese reply me
25 August 2008
if land is away 8 km from any muncipal area or cantoment area & population is less than 5000 of that village & it is agriculatural land then it is not taxable
07 November 2021
Rural agricultural land is not considered as capital asset, as per sec. 2(14) of IT act. Therefore, any gains from its sale are not taxable under the head Capital Gains.
CAclubindia
