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Capital Gain Tax on sale of Agri Land


10 February 2010 In case of sale of Agricultural Land situated in rural area what will be the tax treatment?
Whether it is capital Asset?
If yes,Whether it is liable to Capital Gain Tax?
If not,whether it is consider as income from other sources?

10 February 2010 Rural agri land is not a capital asset in view of sec 2(14). Hence no capital gain on sale of such land

10 February 2010 Agree with Expert


10 February 2010 Agreed...

13 February 2010 In case of sale of Agricultural Land situated in rural area what will be the tax treatment?
Whether it is capital Asset?
If yes,Whether it is liable to Capital Gain Tax?
If not,whether it is consider as income from other sources?



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