Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2014 Sir,
I have sold rural ag. land ancestral on 15/09/2012 with sales consideration of Rs 35 lac. wither these amount is exempt or not ? if exempt in witch sec. and notification or circulars. Plz. guide me.
Thanks

Sudeep

Sudeep (Expert)
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12 June 2014 In case, it is Rural* (8 kms from cantonment board) and used for agricultural purpose then it is not a capital Asset.

Not a capital asset (under section 2 (14)) so no capital gains.

*Kindly note that definition of rural land has changed now w.e.f 01 April 2014.