Dear all,
After the insertion of clause (b) in the Sec 56(2) (vii) whether the "Rural agricultural Land" purchsed transaction be also be covered under this or it shall only be applicable to the capital assets?
Thanking you all
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Sec 56 (2) (vii)
Replies (3)
| Originally posted by : CA Gaurav | ||
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Dear all, After the insertion of clause (b) in the Sec 56(2) (vii) whether the "Rural agricultural Land" purchsed transaction be also be covered under this or it shall only be applicable to the capital assets? Thanking you all |
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off course covered u/s 56 (2)(vii)b
As I understand, rural agricultural land is not covered in the definition of capital assets u/s 2(14) and hence not covered for 56(2)(vii)
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