Hi...friends help me in these query
Agriculture income has been received in kind(property),subsequent sale of such property will attract capital gain?
Thanks n Regards
Sae keyrun.M
1 Replies
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 25 April 2014
Dear
there are two things in your question
one is whether agriculture income received in kind (Property) is taxable or not
ANS not taxable as it is exempt u/s 10(1)
second is when such property will be sold than capital gain arise or not
Ans : Definately arise if that property is not a rural agriculture land.
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