https://www.taxtmi.com/circulars?id=9039 Capital gains tax applies to profit arising from the transfer of a capital asset, and agricultural land is excluded from the definition of capital asset except in specified areas. Rubber trees standing on agricultural land are treated as distinct from the land itself and cannot be regarded as agricultural land. Profit from the transfer of such trees is chargeable under the head "capital gains", with reference to Travancore Tea Estate v. C.I.T. as supporting authority. en-us Thu, 30 Sep 1976 00:00:00 +0530 Thu, 28 May 2026 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9039 Capital gains tax applies to profit arising from the transfer of a capital asset, and agricultural land is excluded from the definition of capital asset except in specified areas. Rubber trees standing on agricultural land are treated as distinct from the land itself and cannot be regarded as agricultural land. Profit from the transfer of such trees is chargeable under the head "capital gains", with reference to Travancore Tea Estate v. C.I.T. as supporting authority. Circulars Income Tax Thu, 30 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9039