21 November 2011
if agricultural land is sold by assessee, which is not asset as per section 2(14), i.e situated beyond the 8 Km from the municipility limit and population is less than 10000 than what will be the tax applicability. and also he dont purchase any agricultural land in any area
23 November 2011
As this land is not a capital asset, there is no tax implication under income tax act irresective of the fact that he has not purchased any other agricultural land.
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