04 October 2013
Whether Agricultural income from agricultural land situated within municipal area comes within the purview under Agricultural income exempt u/s 10??
04 October 2013
Yes, at any place it situated the income earned from the agricultural land is exempted income u/s 10,
At the time of sale of agricultural land then the place of situated is important because of if such land is situated with in municipal limits then liable for capital gain tax other wise exempted to capital gain and not an asset for the view of capital gain.
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