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
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 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.
Recent Topics
- 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
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
