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
Gaurav (MBA) (144 Points)
12 February 2014Dear 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
n.k.goel
(proprietor)
(23 Points)
Replied 15 May 2014
| Originally posted by : CA Gaurav | ||
 |
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 |
 |
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 15 May 2014
off course covered u/s 56 (2)(vii)b
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 21 May 2014
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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