rural agricultur land-whether taxable
This query is : Resolved
11 August 2008
Rural Agricultural Land purchased on 1st January 2006 for Rs. 4,00,000
This is sold on 1st January 2008 for Rs. 10,00,000
Is Capital Gains attracted.
Profit under which head should be taxed,if taxable,give section
Or it is not chargeable
Plz explain
This is sold on 1st January 2008 for Rs. 10,00,000
Is Capital Gains attracted.
Profit under which head should be taxed,if taxable,give section
Or it is not chargeable
Plz explain
12 August 2008
only long term capital gain is exempted for the same sales in your case land is purchase on 01/01/06 & sold on 01/01/08 so it is short term capital gain & is charged under regular incme of the same
12 August 2008
Dear Arpan,
This is not be treated as capital gain whether long term or short term as the rural agricultural land is specifically excluded from the definition of capital asset. You may kindly refer to that definition.
This is not be treated as capital gain whether long term or short term as the rural agricultural land is specifically excluded from the definition of capital asset. You may kindly refer to that definition.
07 November 2021
Rural agricultural land is not a capital asset as per sec. 2(14) of IT act.
So. capital gain liability doesn't arise.
So. capital gain liability doesn't arise.
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