https://www.taxtmi.com/caselaws?id=16646 Agricultural land in India is excluded from the definition of capital asset, except where it falls within the statutory exception in section 2(14)(iii). Where agricultural land is situated within municipal limits and covered by that exception, its transfer gives rise to taxable capital gains under the Income-tax Act, 1961. The inserted Explanation to section 2(1A) confirms that income from transfer of such land is not agricultural income. Accordingly, gains from transfer of agricultural land within municipal limits are chargeable to income-tax and do not enjoy the agricultural income exemption. en-us Wed, 10 Sep 1997 00:00:00 +0530 Wed, 09 Sep 2009 11:53:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16646 Agricultural land in India is excluded from the definition of capital asset, except where it falls within the statutory exception in section 2(14)(iii). Where agricultural land is situated within municipal limits and covered by that exception, its transfer gives rise to taxable capital gains under the Income-tax Act, 1961. The inserted Explanation to section 2(1A) confirms that income from transfer of such land is not agricultural income. Accordingly, gains from transfer of agricultural land within municipal limits are chargeable to income-tax and do not enjoy the agricultural income exemption. Case-Laws Income Tax Wed, 10 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16646