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Capital gain

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(Querist)
20 November 2012 whether capital gain on rural land which is not a agriculture land and situated in rural area ?
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
20 November 2012 According to section 2(14) of Income Tax Act, 1961 other than agriculture rural land is considered capital asset. Hence capital gain shall be levied on the transfer of such land.
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vishal Kanakhara

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vishal Kanakhara (Querist)
21 November 2012 Thank you sir
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