agr landurban agr land
This query is : Resolved
28 July 2008
are the following receipts taxable
1.sale of rural agricultural land
2.sale of urban agricultural land
1.sale of rural agricultural land
2.sale of urban agricultural land
28 July 2008
For this purpose the agricultural land as appearing in the definition of capital asset u/s 2(14)(iii) is to be considered. As per the said section, any agicultural land which is not situated in any area within the jurisdiction of a municipality or a cantonment having a population of 10000 or more or any area within 8 KMS from the limit of such municipality or cantonment is not a capital asset. Conversely, any land within such limits will be capital asset and the gain arising from the sale of such land shall be a capital gain under income tax act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- SEC 54 OF IT ACT
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- Whether still royalty
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Capital gain consideration
- PAYMENT NOT SEND IN 180 DAYS
- Payable outstanding for years disallowance
- Donation Receipt u/s 80G
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
