TaxTMI 
TaxTMI 
weather sale of agriculture land beyond 8 km from municipal limits by a company attracts MAT or not .pleaseclarift
thanks
MINIMUM ALTERNATIVE TAX -115JB OF INCOME TAX ACT, 1961
18 Apr 2011 
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Minimum Alternate Tax applicability to non taxable agricultural land gains is questioned amid mutuality precedent.
Whether sale of agricultural land by a company attracts Minimum Alternate Tax is in question: agricultural land gains are generally not taxable as capital gains, yet MAT contains no explicit exclusion for such non taxable incomes. A reported decision is cited holding that receipts excluded from tax by reason of mutuality should not be included in MAT, and the author seeks the citation for that authority to resolve whether non taxable agricultural receipts are excluded from the MAT base. (AI Summary)
Whether sale of agricultural land by a company attracts Minimum Alternate Tax is in question: agricultural land gains are generally not taxable as capital gains, yet MAT contains no explicit exclusion for such non taxable incomes. A reported decision is cited holding that receipts excluded from tax by reason of mutuality should not be included in MAT, and the author seeks the citation for that authority to resolve whether non taxable agricultural receipts are excluded from the MAT base. (AI Summary)