Sale of rural agricultural land

[Guest]

Is sale of rural agricultural land exempt.... Under which section????

[CAGOPALJI AGRAWAL]

Agri. Land is not capital asset. Pl. refer section 2(14)(iii).

[YAGAY andSUN]

very true.

AI Summary

Selling Rural Agricultural Land: Not a Capital Asset Under Section 2(14)(iii) of Income Tax Act A user inquired about the tax exemption status of selling rural agricultural land and under which section it falls. Two responses were provided. The first response clarified that agricultural land is not considered a capital asset, referencing section 2(14)(iii) of the Income Tax Act. The second response agreed with this explanation, confirming the information as accurate.