Agriculture land sold not a capital asset as located outside municipal limits & village population below threshold. No tax on gains.

Agriculture land sold not a capital asset as located outside municipal limits & village population below threshold. No tax on gains. https://www.taxtmi.com/highlights?id=80143 Agriculture land sold by assessee not a capital asset u/s 2(14)(iii) as it was situated outside municipal limits of Mohali as per notification and population of village below prescribed threshold. Long term capital gains on sale of agriculture land, being not a capital asset, cannot be taxed. Addition made by AO deleted. Grounds allowed in favor of assessee. en-us Tue, 06 Aug 2024 07:50:09 +0530 Tue, 06 Aug 2024 07:50:09 +0530 TaxTMI RSS Generator Agriculture land sold not a capital asset as located outside municipal limits & village population below threshold. No tax on gains. https://www.taxtmi.com/highlights?id=80143 Agriculture land sold by assessee not a capital asset u/s 2(14)(iii) as it was situated outside municipal limits of Mohali as per notification and population of village below prescribed threshold. Long term capital gains on sale of agriculture land, being not a capital asset, cannot be taxed. Addition made by AO deleted. Grounds allowed in favor of assessee. Highlights Income Tax Tue, 06 Aug 2024 07:50:09 +0530 https://www.taxtmi.com/highlights?id=80143