20 June 2011
The company has sold an agricultural land at profit(as is evident from the sale deed). Now, the question is that whether capital gain tax is attracted or not? If yes, by which provision/section of the Income tax Act?at what rate?
20 June 2011
FOR THE PURPSOES OF THE ACT AGRICULTURAL LAND IS CAPITAL ASSET ONLY IF IT SI SITUATED WITHIN THE JURISDICTION OF A MUNICIPALITY OR WITHIN SPECIFIED DISATNACVE FROM THE MUNICIPALITY(REF NOTIFICATION NO 9447 DT 6-1-1994) IF THE LAND IS SO SITAUTED THAN TRANSFER WILL GIVE RISE TO CG IF NOT THEN NO CAP GAIN
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