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Capital gain

20 February 2019

Mr.M sold his agricultural land in rural area and purchased a Residential house

pls clarify me with the deductions and capital gain araising there to

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178001 Points)
Replied 20 February 2019

Agricultural land in RURAL area is not capital asset, hence no capital gain. No tax liability.

4 Like

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Mayur Raiyani (13 Points)
Replied 20 February 2019

agreed with dhirjlal

1 Like

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 20 February 2019

agreed with dhirajlal sir

3 Like

Priya Kashyap (Student) (7053 Points)
Replied 22 February 2019

agricultural land in rural area in India is not considered as a Capital Asset therefore any gain from its sale are not taxable under the head capital gain

2 Like