Dear Friends
What is the tax treatment if an individual sells his rural agricultural land and what are the relevant sections and rules related to it?
Is there any deductions available regarding it?
Regards
Shivani
Shivani (Learner) (1881 Points)
30 June 2018Dear Friends
What is the tax treatment if an individual sells his rural agricultural land and what are the relevant sections and rules related to it?
Is there any deductions available regarding it?
Regards
Shivani
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169790 Points)
Replied 30 June 2018
Rural agricultural land is not 'capital asset' as per IT act, hence its sell doesn't attract capital gains tax liability.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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