CA PREM KUMAR
(Chunduru & Co)
(296 Points)
Replied 29 July 2019
sale of agricultural land in rural areas is not a capital asset, hence no capital gain.
but make sure the conditions given under section 2(14) is satisfied to consider that as a agricultural land
P M Panchal
(other)
(291 Points)
Replied 29 July 2019
Wholly exempt as it is not considered as capital asset.
Kalyani
(Chartered Accountant)
(181 Points)
Replied 29 July 2019
Rural agricultural land itself is not a Capital Asset. So, no Capital gains incase of sale of it.
Kalyani
(Chartered Accountant)
(181 Points)
Replied 29 July 2019
Sale of Rural agricultural land is wholly exempted from tax.
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