20 April 2015
my client purchased agricultural land in 2008 for Rs.4,00,000 and sold the same in 2011 for Rs.22,12,500. the income tax officer issued summons to assessee u/s 131 of IT Act,1961. whether the sale of agl land will attract the capital gain or not. kindly explain the same
20 April 2015
If the agriculture land is a rural agriculture land, it will not attract Capital Gains Tax. If it is in municipal area or within the prescribed limits from the municipal area, capital gain tax can be charged. .
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