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Capital assets or not
what is the treatment of rural land (other then agriculture land) whether capital assets or not if it is outside the muncipal limit. as rural agriculture land Is not capital assets.
kindly explain
Replies (3)
To my mind section 2 (14) talks only about rural agriculture land for the purpose of keeping outside ambit of capital assets.
and any other land other than agriculture land whether in municipal limit or not is a capital assets u/s 2 (14) of income tax act 1956
Thank you so much for clearing doubt
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