Tax liablity
This query is : Resolved
31 March 2014
Dear all
If two rural agricultural land purchase and sale within 2 year than profit on sale is taxable or not ........????
plz tell me section with explanation. ...
31 March 2014
Rural agricultural land is exempt from Income tax.
31 March 2014
Dear Ravi
Rural agricultural land is not considered as a capital asset by virtue of section 2(14). Further, the income generating from any such asset is exempted under section 10(1).
Rural agricultural land is not considered as a capital asset by virtue of section 2(14). Further, the income generating from any such asset is exempted under section 10(1).
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