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Income tax liability

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(Querist)
03 December 2011 Person sale his rural agricultural land and fund utilised for purchasing residential house in metrocity is there any income tax liability.
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
03 December 2011 An agricultural land in a rural area is not a Capital asset so there is no tax liability on the same.

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