Description : Land which was shown as agricultural land in the revenue records and never sought to be used for non-agricultural purposes by assessee till it was sold has to be treated as agricultural income was shown by the assessee from this land, and therefore, no capital gain was taxable in the sale of the said and.
Source : 1. AIFTP TIMES.Volume.2.January, 2011.Page No.11.
2. www.aiftponline.org
Our Comment : Capital gains on sale of agricultural land is exempt if it is sold for agricultural purpose only.
