27 September 2010
is sale of matured trees in the agricultural land can be treated as capital gain Or agricultural income ? If it treated as capital receipt in which section it will be claimed as exemption?
27 September 2010
If the trees growing on land naturally and spontaneously and without intervention of human agency - the sale will not treated as agriculture income.
If tree was planted - Treated as agriculture income.
sale of plant is not a capital recipts, sinve this is not a capital assets.
CAclubindia
