06 January 2010
Dear all in my one of assessee case the AO rejects the assessee claim of exemption of capital gain on sale of rural agricultural land by stating that the agricultural income of previous years is meager than the sale consideration received please help me in this case thanks
06 January 2010
1) Sale of Agricultural Land is exempt is sold after 1.04.2004 according to Section 10(37). 2) Rural Agricultural Land does not fall under Capital Asset.
Therefore, above both two points favour that Rural Agricultural Land is exempt from Any Type of Capital Gain.
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