if assessee sold a plot (i.e. RURAL land/plot) (but not a agriculture land) .. in that case is it capital assets or not u/s 2(14) ?
vikash mangal
1 Replies
C.Balaji
(Learner)
(1867 Points)
Replied 29 March 2010
Dear Vikash.........
Transfer of Rural agricultural Land is Exempt from tax and not simply Rural Land.........
Transfer of Rural Land is therefore taxable as it is a capital asset u/s 2(14)..........
Recent Topics
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- GST Invoices Series
- FILING OF ITR AY 20-21
Related Threads
CAclubindia
