Agriculture income
This query is : Resolved
03 July 2008
Profit on sale of a rural agricultural Land, whether an agricultural income or not?
If not then what will be its treatment as this is not covered in definition of Capital Assets?
If not then what will be its treatment as this is not covered in definition of Capital Assets?
03 July 2008
IT IS CAPITAL RECEIPT NOT CHARGEABLE TO CAPITAL GAIN
03 July 2008
Profit on sale of rural agricultural Land,Whether it is an agriculture income or not?
03 July 2008
2(14) capital asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include
(i)...............
(ii)....................
(iii) agricultural land in India, not being land situate
(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or
(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette"
(i)...............
(ii)....................
(iii) agricultural land in India, not being land situate
(a) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year ; or
(b) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette"
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